Climate finance inflows 'insufficient' to hit South Africa's NDC Targets

Deputy Minister of Finance David Masondo says that climate finance inflows into emerging economies still need to be doubled or tripled as South Africa looks to ramp up its climate response.

Masondo made the call on Friday at the launch of the latest South African Climate Finance Landscape Report.

The 2025 Report, produced by the Presidential Climate Commission (PCC), maps the financial flows that supported South Africa’s climate response for the years 2022 and 2023.

ALSO READ: DIRCO Deputy Minister says SA's approach to critical minerals remains key ahead of G20 Summit

Masondo emphasised that climate action is central to the country’s developmental agenda and the Just Transition Framework.

 However, he stressed that more needs to be done to hit the targets outlined in the Nationally Determined Contributions (NDCs), which form the backbone of South Africa’s climate commitments under the Paris Agreement.

“Climate finance flows averaging R188.3 billion annually in 2022/23 remain insufficient. To meet our NDC and net-zero goals, we must at least double or triple these flows.”

Masondo added that talks at this year’s Group of Twenty (G20) have helped to advance the matter. “We are prompting alignment to financial systems with climate goals, transparency in climate risk disclosures, and scaled-up finance for developing countries,” he stated.