Emerging countries are supported by France during the French President’s speech at COP27. In particular, Emmanuel Macron is calling for the extension of funding to South Africa with India and Indonesia.
Supporting emerging economies
The French President’s speech at the COP27 marks an important shift in the direction of climate justice. Indeed, Emmanuel Macron insists on the damage caused by global warming in emerging countries. The French head of state advocates support for emerging countries:
“As developed nations, we need to move away from coal and help emerging economies do so as quickly as possible.”
Thus, the International Partners Group (IPG), of which France is a member, is fulfilling its COP26 promise. The aim was to help South Africa accelerate its energy transition. Indeed, France, Germany, the United Kingdom and the United States endorse South Africa’s transition investment plan.
The plan aims to phase out coal-fired power plants and accelerate the use of renewable energy. However, the most polluting country on the African continent has set its transition plan at $8.5 billion. This is a first step that should call for other investments from public or private sources.
A model to be renewed with India and Indonesia
Climate justice, at the heart of the French president’s speech, must allow for a “shock of concessional financing”. South Africa’s support is emerging as a model for other emerging countries. Emmanuel Macron calls in particular to extend it with India and Indonesia:
“We took the first big step forward with South Africa, now we’re going to scale that up with India and Indonesia.”
While India is the third largest polluter in the world, the country is seeking financial assistance from developed countries. Support for South Africa could therefore be renewed with India and Indonesia severely affected by extreme weather events. Dave Jones, Ember’s global program manager says:
“These partnerships could represent critical initial steps toward what will be complex national energy transitions requiring international support.”
Supporting these countries is indeed a crucial issue in the fight against global warming. Due to the energy crisis, the Indian government is launching an auction process for 141 new coal mines. India’s carbon emissions would amount to 2.89 billion mt/year in 2030.
