“We don't qualify for grant financing because we're not a least developed country, but nevertheless, we will struggle to engage in our transition if the only form of finance that's available to us is in the form of loans at commercial rates,” said Barbara Creecy, South Africa's environment minister. South Africa has spelled out what a 1.5 degree-compatible plan would look like.

According to the International Energy Association’s newly released World Energy Outlook for 2021, emerging markets and developing economies require a massive surge in investment in clean energy and infrastructure in order to limit global warming to 1.5 degrees Celsius. Climate financing is one of the major missing ingredients to help lower-income countries invest in renewable energy that can achieve both climate and development imperatives.