Denmark, the Netherlands and Spain have now also pledged to give money to help South Africa switch from coal to renewable power generation. This means money available for financing the partnership for a fair energy transition (JetP) currently stands at $11.8 billion (approximately R222 billion). However, this is still a drop in the bucket of what will be needed to make the South African economy completely independent of coal.
Rudi Dicks, head of project management in the presidency, announced this news on Friday.
The presidential commission for the climate met on Friday to provide feedback on progress with the country’s efforts to combat climate change. The meeting also took place in the run-up to South Africa’s preparation for the upcoming United Nations (UN) summit on climate change (COP28).
Germany, the United Kingdom, the European Union and America have already undertaken to allocate R8.5 billion (just over R131 billion) for this in 2021. The agreement was signed during COP26 in Glasgow, Scotland.
However, the agreement is subject to the finalization of an implementation plan. This should have been completed in August, but Dicks says it will only be presented to the cabinet in November.
Pres. Cyril Ramaphosa did present an investment plan to his partners in November last year, during COP27. It sets out how R1.5 billion (“trillion”) will be used over the next five years to make South Africa’s economy completely independent of coal. Ramaphosa then also slammed international financiers and said it is very difficult for poorer countries to obtain help for climate change.
In the same months, South Africa signed loan agreements for €600 million with Germany and France. This money must also be used to reduce South Africa’s support for coal.
