The investment plan covers the energy sector, electric vehicles and green hydrogen.
Yesterday, the International Partners Group (IPG), which consists of the European Union, France, Germany, the UK and the US, welcomed and jointly endorsed South Africa’s Just Energy Transition (JET) investment plan. Last year, at COP26, the Just Energy Transition Partnership (JETP) was launched to accelerate the decarbonisation of the South African economy and facilitate the achievement of its ambitious emissions reduction targets. The President of the Republic of South Africa, Mr. Cyril Ramaphosa, launched the new investment plan at the COP27 world leaders’ summit in Egypt, as envisaged in last year’s political declaration.
The President of the European Commission, Ms. Ursula von der Leyen, said: “In the EU’s view, the climate transition must be fair. Through this partnership, accompanied by new investments, we will help ensure that no one is left behind. That is why I welcome the approval of this investment plan. I will now launch the partnership with South Africa for a just energy transition. It is the first such initiative globally to accelerate the just energy transition of countries committed to phasing out coal. It is a flagship initiative for multilateral cooperation with the support of the EU to limit global warming to 1.5 °C.”
The investment plan covers the energy sector, electric vehicles and green hydrogen. The plan is based on a “just” approach so that those most directly affected by the transition from carbon — workers and local communities, including women and girls — are not left behind. The plan identifies funding needs of $98 billion over five years to kick-start South Africa’s 20-year energy transition. Investments will be required from both the public and private sectors. IPG is mobilizing an initial amount of $8.5 billion, which will act as a catalyst for the first phase of the program. More information is available here.
Lena Flitzani
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I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.
