Southern regions' strategy for balancing climate action and economic advancement
In the face of a confluence of global crises, a collaborative approach between philanthropies, governments, grassroots organizations, and development banks is crucial to delivering on-the-ground results in climate-vulnerable countries. This collaboration is essential for ensuring sustainable growth and strengthening international partnerships, as the current era of disorder calls for concerted action.
The global south governments and philanthropic organizations are taking a pragmatic approach to protect development gains and pursue climate resilience. Recognizing the need for concrete steps, they are working towards sustainable growth and strengthening international partnerships. However, efforts to close the climate-finance gap have fallen short, with the situation expected to deteriorate due to the US retreating inward and other developed countries increasing defense spending.
The persistent $4 trillion annual financing gap has stalled progress on the UN Sustainable Development Goals. Despite the falling cost of renewable energy, fossil-fuel use continues to grow, leading to accelerated climate change and biodiversity loss. To address this, philanthropies must focus on expanding their reach and improving coordination among themselves, particularly in Africa where only a few large philanthropic organizations are based.
Philanthropic organizations can provide early financing, support capacity building, and bring other actors, including community groups and small and medium-size enterprises, on board. They must reassess their role in helping national and regional actors achieve development and climate goals, addressing financing gaps, transition risks, and existing priorities such as inflation, unemployment, and social unrest.
The Fourth International Conference on Finance for Development established a reform-oriented global financing framework and committed to a rules-based multilateral trading system. However, multilateral institutions such as the UN and the WTO are struggling to respond effectively to the complex geopolitical landscape.
The UN Environment Programme's Emissions Gap Report 2024 states that Nationally Determined Contributions (NDCs) need to be better aligned with the Paris Agreement's pathway for limiting the rise in global temperatures to 1.5°C above preindustrial levels. All signatories of the Paris Agreement must submit updated NDCs, ideally within the next month.
South Africa will chair the G20 in the coming months, hosting the 2025 summit in Johannesburg. This leadership role is significant for climate protection as it sets the agenda and priorities for international cooperation on climate measures within these influential economic groups. South Africa's G20 presidency is notable because it represents the Global South, potentially emphasizing climate justice and sustainability.
Global south and African governments are facing unsustainable debt levels and high borrowing costs, necessitating fiscal resilience improvement for long-term climate action investments. The Just Energy Transition Partnerships in South Africa, Vietnam, and Indonesia demonstrate the value of philanthropies in establishing government-led platforms for coordinating public and private-sector finance in service of development and climate goals.
Engaging with multilateral processes, philanthropies can use their flexibility, risk tolerance, and trust-building capacity to advance the global south's interests by enhancing institutional and human capacity. In Africa, climate action should be situated in a development context, helping countries reduce debt overhangs, bolster fiscal resilience, and devise credible investment plans for facilitating climate action.
Brazil will host the UN Climate Change Conference (COP30) this year, with a focus on delivering past commitments and scaling up outcomes. The conference provides an opportunity for nations to reaffirm their commitment to the Paris Agreement and take concrete steps towards a sustainable future.
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