In the matter of climate financing, it is necessary to aim for a target of $1.3 trillion per year, otherwise it will be impossible to achieve the set goals in fighting climate change, South Africa's minister of forestry, fisheries and environment, Dion George, said in an interview with Report.
He noted that negotiations on ambitious goals and climate financing are quite difficult, as some representatives have taken uncompromising positions: "Some delegates have taken quite rigid positions. We are facing a certain crisis, so we need leadership. And for this, parties need to start looking at issues more broadly."
He noted that there are still many discussions ahead and expressed hope for constructive dialogue and achieving results.
The minister also noted that the financial architecture built by developed countries and intended to help developing nations is not working.
"We have long been saying that the global financial architecture does not work in the interests of developing economies. We are observing capital outflow from South to North, as a result, we are becoming poorer," he said.
George emphasized that developing countries have a great interest in discussing climate financing and reviewing the entire architecture related to this.
"This is very important. We are working hard to ensure all countries discuss this issue. We believe this is possible since many developing countries have an interest in this topic," the minister added.