Delegates from around the world are set to convene in Antalya, Türkiye, for COP31, the annual United Nations climate summit. African nations will once again urge wealthier countries to fulfill their commitments to climate finance. Ahead of these discussions, a critical question arises: what has happened to the funds already pledged to nations such as South Africa?
In 2021, during the climate summit in Glasgow, France, Germany, the United States, the United Kingdom, and the European Union, known collectively as the International Partners Group (IPG), vowed to mobilize $8.5 billion (about R150 billion) for South Africa. This agreement, referred to as the Just Energy Transition Partnership, aimed to help the country reduce its reliance on coal while supporting workers and communities dependent on coal industries. However, the United States withdrew from the partnership in March 2025.
Although the IPG members voluntarily committed to mobilizing the funds, they were not legally obligated to provide the entire amount. By the end of March 2023, pledges had reportedly increased to $14.36 billion (about R254 billion), yet only $6.12 billion (around R108 billion) had been allocated. Of this, less than 7% was in the form of grants, which do not require repayment. The remainder primarily consisted of loans and other financing methods.
Notably, some pledged funds remain unallocated to specific projects. Of the $6.12 billion allocated, about $4.32 billion (around R76.3 billion) was earmarked for distinct projects and programs. However, the total disbursement and spending figures for these projects remain unclear. The Just Energy Transition Project Management Unit (JET PMU) reported that 87 projects have been completed and another 129 are in progress, but it did not disclose the overall money spent.
Under the 2015 Paris Agreement, developed nations have a responsibility to assist developing countries in reducing emissions and adapting to climate change due to the historical role of industrialized countries in contributing to greenhouse gas emissions. While Africa contributes a minor fraction of global emissions, it experiences significant climate-related challenges such as droughts and floods. Many African countries are among the poorest globally, lacking the resources needed to prepare for and recover from climate disasters.
According to the Organisation for Economic Co-operation and Development, loans represented 67% of the public climate finance provided to developing countries in 2024, while grants made up just 29%. Oxfam has highlighted that many of the figures reported for climate finance can be misleading, as they often include full values of loans rather than reflecting the actual financial benefit to recipients.
In October, South Africa’s Minister of Forestry, Fisheries, and the Environment, David Maynier, mentioned that the government submitted a $20 million (about R354 million) proposal to the international Fund for Responding to Loss and Damage (FRLD) to assist in restoring Kruger National Park after flooding in January. However, South Africa is not guaranteed funding, as Maynier noted that over 170 proposals were submitted seeking around $1.4 billion (about R24.8 billion) against an available fund of approximately $450 million (about R8 billion).
The demand for climate financing far exceeds availability, complicating the situation further. A June investigation by Oxpeckers found that South Africa is not only lacking capital but also faces challenges with project readiness. Issues such as financial struggles in municipalities and administrative delays have hindered progress in implementing projects.
Carbon credits have been suggested as an alternative for African communities to generate income rather than relying solely on international loans and grants. However, concerns remain regarding the fairness of benefit distribution among local communities. Kenya’s State Department for Blue Economy and Fisheries recently raised alarms regarding weak oversight and potentially exploitative agreements between foreign carbon-trading companies and local communities.
As COP31 approaches, there is an expectation for governments to provide clearer accounts of previously promised climate finance. Questions regarding the total receipts, the breakdown between grants and loans, interest rates, repayment responsibilities, and achieved results are urgent. African nations need to ensure both accountability from wealthy nations and effective management from their own governments to address climate impacts effectively.
