Author: svadmin

With emerging markets requiring an estimated US$3-4 trillion annually in low-carbon investments over the next 15 years, Minister of Forestry, Fisheries and the Environment Barbara Creecy has called on developed countries to ensure access to long-term, predictable, and affordable finance for developing countries.

The Minister made these remarks during the Ministerial Climate Change meeting hosted by the United Nations Framework Convention on Climate Change (UNFCCC) COP 26 President-Designate, Alok Sharma, on 25 and 26 July 2021 in London.

“The meeting heard that the emerging markets require an estimated US$3-4 trillion annually in low-carbon investments over the next 15 years in order to operationalise and implement the current round of updated nationally determined contributions (NDCs) and then to prepare a second updated NDC in 2025,” the Department of Forestry, Fisheries and the Environment said on Tuesday.

NDCs embody efforts by each country to reduce national emissions and adapt to the impacts of climate change.

As part of the Paris outcome, developed countries were urged to scale-up their level of support with a concrete roadmap to achieve the goal of mobilising US$100 billion per year by 2020 for climate action in developing countries.

“With regard the US$100 billion 2020 and through to 2025 [Creecy] stressed that it is imperative from the perspective of restoring and maintaining trust and transparency that the Conference of the Parties (COP) assess whether the goal of mobilising jointly US$100 billion has been achieved,” the department said.

The July Ministerial meeting brought climate and environment ministers and representatives from more than 50 countries together to lay the groundwork for success ahead of November’s Glasgow COP26 negotiations on climate change.

The event marks the first face-to-face ministerial of its kind in more than 18 months.

The topics under discussion included the Global Goal on Adaptation and scaling up efforts to adapt to the impacts of climate change, keeping 1.5°C alive, loss and damage caused by climate change, focus on Article 6 of the Paris Agreement, and mobilizing climate finance.

The Minister stressed that for the UNFCCC COP 26 in Glasgow to be relevant, responsive and successful they need ambition and progression on mitigation, adaptation and means of implementation.

“South Africa envisages an outcome at COP 26 on adaptation that will enable practical progress, including launching a formal programme of work on the operationalization of the Global Goal on Adaptation” and furthermore.

“We need to increase the adaptive ability and resilience of the global population to the adverse impacts of climate change by at least 50% by 2030 and by at least 90% by 2050.

“In this regard, focus would be placed on the most vulnerable people and communities; the health and well-being; food and water security; infrastructure and the built environment; and ecosystems and ecosystem services, particularly in Africa, Small Island Developing States (SIDs) and Least Developed Countries (LDCs),” the Minister said.

Source: South African Government News Agency

Youth-owned enterprises affected by the recent looting and violence have until Friday to submit applications for a fund to assist them during these challenging times.

The National Youth Development Agency (NYDA) has established the Youth Enterprise Rebuilding Fund to assist youth-owned enterprises affected by the recent looting and violence, and have no form of insurance cover.

In a statement, the NYDA said the fund, which is reserved for youth owned businesses in Gauteng and KwaZulu-Natal, is specifically established to ensure that youth owned enterprises who are affected can return to their business operations, as soon as is practically possible.

“The fund will exist alongside other forms of government support to business and jobs in these challenging times. Details of the fund are available on the NYDA website www.nyda.gov.za.

“The NYDA encourages all young people who may have been displaced from employment because of the recent violence to apply for support from the Unemployment Insurance Fund. Details can be found on https://ufiling.co.za/uif/ or through a Department of Employment and Labour Centre,” the agency said.

The applications for the fund close on 30 July 2021.

The NYDA has also welcomed the reimplementation of the monthly Social Relief of Distress Grant and its extension to caregivers, as well as the extension of the UIF Temporary Employer/Employee Relief Scheme (TERS) for sectors affected during Alert Level 4.

The agency noted that these are important mechanisms in supporting young people and the economy during the pandemic.

“The NYDA remains committed to supporting the Economic Recovery and Reconstruction Plan, which encompasses the Presidential Youth Employment Intervention, which was announced in SONA (State of the Nation Address) 2020 and reaffirmed on Youth Day 2021. Addressing the youth unemployment crisis remains front and centre of the economic recovery plan,” the agency said.

Source: South African Government News Agency