The governments of South Africa, France, Germany, the United Kingdom and the United States of America, along with the European Union, have announced a new 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 goals set out in its updated Nationally Determined Contribution emissions goals.
The Partnership is set 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 Republic of South Africa’s Head of State, President Cyril Ramaphosa, expressed his support for the declaration: “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.”
Furthermore, the Partnership is 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.’
The United Kingdom’s Prime Minister, Boris Johnson, welcomed the announcement: “This game-changing partnership will set a precedent for how countries can work together to accelerate the transition to clean, green energy and technology.
“Moving away from coal is essential if we are to meet our target of limiting global warming to 1.5 degrees. President Ramaphosa has shown real leadership on this issue, and the United Kingdom is committed to working with South Africa and our partners to support a just and fair transition to renewable energy.”
More information about this announcement is available on the UK Government website.