The Western Cape has been battered by destructive floods over the past week, which have left thousands homeless.
"The increasing frequency of disasters has an impact on public finances. On the one hand, disasters affect economic growth and lower tax revenues. On the other hand, they require increased expenditure on disaster relief, health care and other forms of social support for affected communities," the President said.
"The first reality is that the carbon intensity of our economy has become unsustainable. The world is moving towards greener economies. These include a number of our major trading partners, who are taking measures to decarbonise that will in the long run affect the competitiveness of South Africa's exports to these markets.to Combat Climate Change, we have an obligation to reduce emissions and make a fair contribution to the global climate change effort.
Noting this, President Ramaphosa warned that increasing frequency of extreme weather events"is a stark reminder that we have to accelerate the pace of our efforts".