In an urgent address, President Cyril Ramaphosa has responded to the severe storms that recently hit parts of the Western Cape, causing widespread devastation to homes, communities, businesses, and infrastructure. The adverse weather conditions temporarily brought container ship traffic to a complete halt at the Port of Cape Town, with rough seas resulting in cargo vessels losing containers overboard and others being extensively damaged. This disruption has had a significant economic impact, particularly on exporters of perishable agricultural products, underscoring the multifaceted nature of climate change as an economic, scientific, social justice, human rights, and development issue.
President Cyril Ramaphosa highlighted the resultant strain on public finances, which necessitates the reallocation of funds from other essential services. To manage the higher expenditure and lower revenues, the government may need to increase borrowing, leading to higher debt levels and interest payments. This, in turn, limits the government’s ability to invest in other critical areas. Emphasizing the importance of the National Treasury in responding to both the shocks of climate change and the potential opportunities for a just transition, President Cyril Ramaphosa commended the Minister of Finance and the National Treasury for organizing a symposium focused on integrating climate goals into macro-fiscal and finance policy and mainstreaming climate change considerations into the intergovernmental fiscal system.
President Cyril Ramaphosa stressed the disproportionate impact of climate change on society’s most vulnerable, who have limited means to prepare for, cope with, and recover from climate-related adverse events. He pointed out that countries of the Global South, despite being least responsible historically for global emissions, bear the brunt of climate change effects. The President called for strengthened systems for adaptation and mitigation, building resilience in communities, and accelerating decarbonization efforts. He underlined the necessity of a managed transition to a low-carbon economy to safeguard both the environment and economic stability, advocating for a balance that avoids damaging the economy while ensuring timely action to mitigate climate risks.
South Africa aims to reach net zero emissions by 2050, and President Cyril Ramaphosa highlighted various initiatives to meet this goal, including the Renewable Energy Independent Power Producer Procurement Programme and the Just Energy Transition Investment Plan. He emphasized the importance of climate finance, calling on international partners to fulfill their commitments and advocating for innovative financing solutions to mobilize private capital. The President urged South African businesses to invest in projects needed for a successful just transition and highlighted the critical role of collaborative efforts between government, business, labor, civil society, communities, and international partners. President Cyril Ramaphosa concluded by stressing the urgency of climate action, asserting that through collective efforts, South Africa can build a sustainable future for generations to come.
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