The governments of South Africa, France, Germany, the United Kingdom and the United States of America, along with the European Union, hon Tuesday announced a new ambitious, long-term Just Energy Transition Partnership to support South Africa’s decarbonisation efforts.
The Partnership aims to accelerate the decarbonisation of South Africa’s economy, with a focus on the electricity system, to help it achieve the ambitious goals set out in its updated Nationally Determined Contribution emissions goals.
It will mobilise an initial commitment of $8.5 billion for the first phase of financing, through various mechanisms including grants, concessional loans and investments and risk sharing instruments, including to mobilise the private sector.
The Partnership is expected to prevent up to 1-1.5 gigatonnes of emissions over the next 20 years and support South Africa to move away from coal and to accelerate its transition to a low emission, climate resilient economy.
South Africa welcomes the commitment made in the Political Declaration to supporting the implementation of our revised Nationally Determined Contribution, which represents our country’s ambitious effort to support the global battle against climate change. We look forward to a long term partnership that can serve as an appropriate model of support for climate action from developed to developing countries, recognising the importance of a just transition to a low carbon, climate resilient society that promotes employment and livelihoods.
Delivering on this ambition will affect mining communities and workers. The Partnership recognises the importance of supporting South Africa’s efforts to lead a ‘Just Transition’ that supports affected workers and vulnerable communities, especially coal miners, women and youth, as the South African economy changes.
It will work to identify financing options for innovative technical developments and investments, including electric vehicles and green hydrogen, to help the creation of quality, green jobs.
Tuesday’s announcement represents a powerful example of action through a global collaboration between an emerging economy and international partners to limit global warming to 1.5 degrees. It is open to other countries wishing to contribute financial capacity, thereby exerting a further boost to South Africa’s clean energy transition.
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