- According to the Presidential Climate Commission (PCC) Commissioner Joanne Yawitch, South Africa will not be able to achieve Just Energy Transition Investment Plan (JET-IP) on the strength of its domestic sources. Rather, it largely has to depend on the scale of financial support that the country can secure from the international community.
According to the Presidential Climate Commission (PCC) Commissioner Joanne Yawitch, South Africa will not be able to achieve the Just Energy Transition Investment Plan (JET-IP) on the strength of its domestic sources. Rather, it largely has to depend on the scale of financial support that the country can secure from the international community. According to the estimate, the country needs an initial funding of R1.5 trillion for its transition to a low-carbon and climate-resilient society for the five-year period 2023-2027.
She informed that the International Partners Group (IPG) formed in the 26th conference of COP with France, Germany, the United Kingdom, the European Union, and the United States, had committed to mobilise US$8.5 billion over five years to support South Africa’s Just Energy Transition. The fund will be mostly devoted to the decommissioning of coal plants; the expansion and strengthening of the transmission grid and distribution infrastructure; supporting economic diversification in affected coal mining areas and the deployment of renewable energy.
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The US$8.5 billion IPG primarily consists of grants, concessional and commercial loans, and guarantee instruments, contributing to about 12% of South Africa’s JET IP funding needs for the period. It will be the initial foundation for managing South Africa’s Just Energy Transition and climate response, which will involve multi-year, multi-sectoral, and multi-jurisdictional initiatives with many stakeholders, she added.
