SA at a crossroads: Navigating global leadership for green industrialisation

G20 SUMMIT

- DEVAN PILLAY

POISED at a critical crossroad, South Africa finds the complexities of its just transition encompassing both profound challenges and significant opportunities - illuminated by the recent G20 Finance Ministers’ and Central Bank Governors’ Meeting and Minister Parks ‘Tau’s budget speech for the Department of Trade, Industry, and Competition.

These two events offer a glimpse of how the country could leverage its leadership position internationally and domestically to drive a sustainable, equitable and transformative economic shift.

As South Africa approaches the G20 Summit in November 2025, the G20 Finance Ministers' and Central Bank Governors’ Meeting held in Durban last week demonstrated the country’s standing in building unity and the influencing global financial ecosystem.

The meeting culminated in the issuing of a communiqué consented to by all members that centres on strategic macroeconomic issues, multilateral cooperation, price stability and capital mobilisation - all having important implications for South Africa’s just transitions.

At the meeting, ministers and central bank governors considered key recommendations for enhancing collaboration among Vertical Climate and Environment Funds, Multilateral Development Banks, National Development Banks, and the private sector for innovative financing mechanisms.

They also shared views on binding macroeconomic and microeconomic constraints to scaling up sustainable finance.

Significantly, members reaffirmed the urgency of scaling up financing for adaptation and just transitions. South Africa's global advocacy within the G20 is commendable, but the true measure of our G20 Presidency lies in converting these high-level pledges into tangible impacts that elevate marginalised communities.