Dion George Calls for Global Finance Reform to Boost Climate Action

In a strong appeal for international financial reform, South Africa's Minister of Forestry, Fisheries and the Environment, Dr. Dion George, has urged world leaders to reshape the global financial system so that multilateral development banks (MDBs) can provide affordable, long-term capital to drive sustainable development and climate action.

Speaking at the United Nations Framework Convention on Climate Change (UNFCCC) COP30 Leaders' Summit in Belém, Brazil, the Minister said the global community is falling short of its Paris Agreement targets and must act with urgency to close the gap between ambition and implementation.

Accelerating Action on the Paris Agreement

Dr. George cited the Global Stocktake, a major progress assessment under the Paris Agreement, which shows that global efforts remain insufficient to limit temperature rise and prevent worsening climate impacts.

"The Global Stocktake is clear. Progress is too slow. We must accelerate action on mitigation, adaptation, loss and damage, and the means of implementation," he said.

He emphasised that countries cannot continue with "incremental steps" and that the Global Goal on Adaptation must be paired with measurable indicators and sufficient financing to deliver tangible results.

The Minister called for the Sharm el-Sheikh Work Programme to be translated into real investment through blended finance models, and for the Loss and Damage Fund — created to support vulnerable nations affected by climate disasters — to be urgently capitalised.

Mobilising $1.3 Trillion for Climate Finance

Dr. George also underscored the importance of the Baku to Belém Roadmap, which seeks to mobilise $1.3 trillion in grants, concessional finance, and fiscal support for developing countries pursuing low-carbon and climate-resilient growth paths.

"The Baku to Belém Roadmap must advance $1.3 trillion in grants, concessional finance, and fiscal space measures," he said.

He stressed that the international financial architecture must evolve to ensure equitable access to affordable capital for developing nations. MDBs, he argued, should focus on long-term, low-interest lending, as many developing countries are struggling with high debt burdens and limited fiscal space that impede climate investments.

Climate Change: A Defining Global Crisis

Calling climate change "the defining crisis of our time," the Minister urged world leaders to act with unity, courage, and solidarity.

"No nation can face it alone. This is a time that demands multilateralism in action. World leaders have a moral duty to close the gap between ambition and finance in the fight against climate change," he said.

South Africa, he added, is committed to contributing its fair share under the Paris Agreement while defending its developmental priorities and sovereign rights.

Safeguarding Development While Pursuing Climate Goals

Minister George reiterated that developing countries' industrial and socio-economic goals should not be undermined by unilateral climate response measures imposed by developed nations.

"Climate change response measures by developed countries should not impact developing countries' industrial, trade and socio-economic development goals," he said.

He warned against unilateral trade policies — such as carbon border adjustment mechanisms (CBAMs) and green trade barriers — that could disadvantage African economies and restrict access to global markets for renewable technologies.

"Our firm view is that unilateral trade measures that aim to achieve unbalanced climate objectives outside the multilateral process, or unfairly restrict trade in green technology, will hinder a just transition and slow the global effort to address climate change," he stressed.

South Africa's Commitments and Expectations for COP30

South Africa has already submitted its second Nationally Determined Contribution (NDC) under the Paris Agreement, which includes a new 2035 mitigation target of 320–380 megatons of carbon dioxide equivalent (MtCO₂e) — a clear progression from the 2030 target range.

The updated Adaptation Communication outlines South Africa's financial, technological, and capacity-building needs, and calls for greater international support to implement national climate plans effectively.

"Our updated adaptation communication identifies our support needs for finance, technology and capacity building. South Africa's expectations for COP30 are clear," Dr. George said.

Toward a Just and Inclusive Global Transition

The Minister's remarks align with South Africa's long-standing position on climate justice — that developed nations must honour their historical responsibility and financial pledges under the UNFCCC. He urged for transparent and equitable mechanisms to ensure that climate finance reaches those most affected by global warming.

As COP30 marks three decades of climate diplomacy, Dr. George's message reinforced South Africa's leadership in advocating for a reformed, fairer global financial system that enables all nations to act decisively against climate change without compromising their right to development.