Coast KZN

21 Jul 2022

Investment plans for SA’s R136 billion climate deal set to be presented at COP27

Kelly Jane Turner (IOL) Picture: Ritchie Tongo/EPA. South Africa’s Just Energy Transition Partnership (JETP) investment plan will outline the funding needed for the move from nonrenewable to green energy.

South Africa’s Just Energy Transition Partnership (JETP) investment plan – which outlines the funding needed for the move from nonrenewable to green energy – is expected to be finalised by October, in time for the COP 27 climate talks in Egypt in November.

The Presidential Climate Commission (PCC) is working to secure a $8.5 billion (R136.2 bn) climate partnership that was established at COP26 last year. Head of the Presidential Climate Finance Task Team, Daniel Mminele, said the investment plan was being finalised and would demonstrate the progress made towards the partnership.

“We’ve made significant progress in developing a comprehensive investment plan to guide the use of funds in the areas prioritised by the political declaration, this being electricity, transport, green hydrogen, and of course the Just Transition,” he said during an online briefing.

Mminele and the PCC met envoys from the EU, France and Germany this week.

“We will be consulting with key stakeholders on the investment plan in the coming months. This will ensure that we have an investment plan that represents a shared vision for South Africa’s transition to achieve our climate commitments and national objectives,” he said.

The climate finance deal will over the next 3 – 5 years be used to support the country’s Nationally Determined Contribution (NDC), which are climate-related targets for greenhouse gas emission reductions.

Speaking during the online briefing, British COP 26 envoy John Murton said the push towards finalising the investment plan was timely as South Africa’s energy crisis was reflected in the level of load shedding implemented.

“We’re seeing there are no quick fixes but experience shows that renewable energy can be built out more quickly than the alternatives and climate change is impacting our world like never before.

“We see East Africa in the midst of a drought and Europe is sweltering under an unprecedented heat wave,” he said.