South Africa assumed the Presidency of the G20 on December 1, marking a historic milestone as the first African country to lead the group of the world’s largest economies.

Speaking at the official launch in Cape Town this week, President Cyril Ramaphosa said the Just Energy Transition is a central priority. “We will seek to secure agreement on increasing the quality and quantity of climate finance flows to developing countries.”

Ramaphosa said South Africa will use its G20 leadership to strengthen multilateral development banks and streamline financial support for developing countries. “We aim to enhance financial systems and effectively leverage private capital to boost investment in critical projects such as the Just Energy Transition.”

Speaking at a separate an event hosted by Southern Africa – Towards Inclusive Economic Development (SA-TIED) – last week, Joanne Yawitch, Head of the Just Energy Transition Project Management Unit noted the scale of the financial challenge. “So far, South Africa has secured R154 billion (US$8,5 billion) in pledges from the international community. However, the project requires a total of R27 trillion (US$1,5 trillion).

Another priority for the presidency is ensuring resource-rich countries benefit equitably from the extraction and use of critical minerals essential for the global energy transition. “As minerals extraction accelerates to match the needs of the energy transition, it is crucial to ensure that the countries and local communities endowed with these resources benefit the most,” Ramaphosa said.

Beyond the Just Energy Transition, South Africa’s presidency will also focus on fostering disaster resilience, ensuring debt sustainability and promoting inclusive economic growth. Ramaphosa emphasised that the G20 provides a platform to address shared global challenges such as poverty, inequality and climate-induced disasters.