The governments of South Africa, France, Germany, the United Kingdom and the United States of America, along with the European Union, have today announced a new ambitious, long-term 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 ambitious goals set out in its updated Nationally Determined Contribution emissions goals.
It will 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 Partnership 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.
