Africa-Press – South-Africa. SA’s groundbreaking climate finance deal – that will see the country access around $8.5 billion (R152 billion) in grants, concessional loans and commercial funding from the world’s wealthiest nations, to support the transition to cleaner energy – has reached a critical milestone with the completion of a draft investment plan.
The investment plan, which was drawn up by SA to present to the International Partners Group (IPG), maps out the proposed projects on which the funds will be used. The funding will be project-finance based and released against benchmarks agreed for the specific projects.
The IPG includes the governments of the UK, the US, France, Germany, and the European Union. Together with SA, they comprise the Just Energy Transition Partnership (JetP).
The draft was presented to the IPG for their comment and will serve before the Cabinet’s interministerial committee next week. It must then be approved by Cabinet.
The five-year plan includes projects in three areas:
There are also project proposals for industrialisation in Mpumalanga, where most of SA’s coal-fired power stations are located, skills training projects to reskill workers, and support for municipalities in the distribution of electricity.
Rich nations to fund 80% of SA’s climate plan with loans, some hard to unlock.
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