{"id":61637,"date":"2024-02-23T15:44:45","date_gmt":"2024-02-23T15:44:45","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted"},"modified":"2024-02-23T16:09:21","modified_gmt":"2024-02-23T16:09:21","slug":"government-promises-south-africas-new-climate-fund-wont-get-looted","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted","title":{"rendered":"Government promises South Africa\u2019s new climate fund won\u2019t get looted"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Barbara Creecy, the Minister of Environment, Forestry and Fisheries, has backed the creation of the Climate Response Fund, which she says represents a crucial measure to tackle the consequences of climate-related catastrophes \u2013 but assures that it will not suffer the same ill fate as other funds which had \u201cno oversight\u201d.<\/p>\n

At a meeting of the Presidential Climate Commission, Creecy said that the fund creates a \u201cmechanism where we can raise money to restore infrastructure that is damaged as a result of extreme weather events and other climate-related occurrences.\u201d<\/p>\n

According to the Disaster Risk Finance Diagnostic report by National Treasury, South Africa \u201cis highly exposed to climatic shocks, particularly droughts, which undermine efforts to stimulate growth,\u201d resulting in over 3,000 deaths and R172 billion (just under R29 billion was insured) in losses experienced over the last 51 years.<\/p>\n

This report does not include the approximately R2 billion of damages caused by the floods in KwaZulu Natal at the end of 2023.<\/p>\n

President Cyril Ramaphosa announced the fund at this year\u2019s State of the Nation Address (SONA) and told the minister that it should be set up in a way that would resemble the Covid-19 Relief Fund through crowd-in private financing.<\/p>\n

Additionally, the President said that the fund \u201cincludes climate-proofing existing essential infrastructure and facilities, such as water and food systems, roads, rail and ports, human settlements and health care.\u201d<\/p>\n

\u201cUnless we build climate-resilient infrastructure [funding] for loss and damage [suffered as a result of extreme weather events] will become a bottomless pit,\u201d said Creecy.<\/p>\n

The minister said that the fund would be designed and operationalised by either the Development Bank of Southern Africa or the Industrial Development Corporation of South Africa and would act as a channel for South Africa to access the international loss and damage fund that is being set up under the United Nations Framework Convention on Climate Change.<\/p>\n

Worries about sticky fingers<\/p>\n

The Covid-19 relief fund, which amounted to around R500 billion, was used to assist several sectors.<\/p>\n

However, many issues relating to this fund occurred, including overpricing, unfair processes, potential fraud and supply<\/p>\n

chain management legislation being sidestepped.<\/p>\n

Commissioners asked Creecy how the government would ensure the climate change response fund did not face a similar fate of misuse and fraud by those in government and the private sector.<\/p>\n

\u201cThe difficulty during the Covid-19 pandemic was that there was no organised oversight [over how funds were disbursed],\u201d said Creecy.<\/p>\n

To attract more finance, people and businesses would \u201cwant to know if I give R1 to this fund will it go to deal with climate [change] or will somebody eat it up,\u201d said Creecy.<\/p>\n

As such, the minister said that it should be independently administered, with proper due diligence, and money is used for the purposes for which it is connected.<\/p>\n

\u201cWhere we are is a very different situation; from a government perspective, we need additional finances… and we know that the climate [is] a whole of society concern, so we\u2019ve got to set this thing up so that there\u2019s adequate oversight [and] access but at the same time we must make it available so that it can attract additional finance,\u201d said Creecy.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Barbara Creecy, the Minister of Environment, Forestry and Fisheries, has backed the creation of the Climate Response Fund, which she says represents a crucial measure to tackle the consequences of climate-related catastrophes \u2013 but assures that it will not suffer the same ill fate as other funds which had \u201cno oversight\u201d. At […]<\/p>\n","protected":false},"author":84,"featured_media":61636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-61637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nGovernment promises South Africa\u2019s new climate fund won\u2019t get looted - South Africa<\/title>\n<meta name=\"description\" content=\"Barbara Creecy, the Minister of Environment, Forestry and Fisheries, has backed the creation of the Climate Response Fun ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government promises South Africa\u2019s new climate fund won\u2019t get looted\" \/>\n<meta property=\"og:description\" content=\"Barbara Creecy, the Minister of Environment, Forestry and Fisheries, has backed the creation of the Climate Response Fun ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-23T15:44:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-23T16:09:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708691778.948057.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Government promises South Africa\u2019s new climate fund won\u2019t get looted\",\"datePublished\":\"2024-02-23T15:44:45+00:00\",\"dateModified\":\"2024-02-23T16:09:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted\"},\"wordCount\":550,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708691778.948057.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-promises-south-africas-new-climate-fund-wont-get-looted\",\"name\":\"Government promises South Africa\u2019s new climate fund won\u2019t get looted - 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