Cautious Optimism on R130 billion South Africa Climate Finance Deal

  • On November 2nd at the COP 26 UN Climate Summit in Glasgow, the South African government announced a major R130 billion deal with the UK, US, Germany, France and the EU.
  • The climate finance deal aims to accelerate South Africa’s transition to renewable energy and away from coal.

The funds would go to support coal workers and dependent communities, and include provision for Eskom to repurpose its aging coal power plants.  South Africa also aims to invest in the development of new sectors such as electric vehicles and green hydrogen, while providing for the economic inclusion of historically marginalised communities and sectors of society.

Civil society groups like the Climate Justice Coalition have been calling for a Green New Eskom as part of a rapid and just transition to renewable energy. 350Africa.org, who is a leading member of the coalition, said:

“If done right, this deal could pave the way to a renewable energy future that works for all. To help make such a reality possible, the Climate Justice Coalition has been calling for a Green New Eskom suited to the demands of the 21st century. We have also been protesting the biggest obstacle to change, namely Minister Mantashe and his Department of Mineral Resources and Energy. They want to keep us locked into outdated, expensive and polluting coal and gas, rather than embracing the cleaner, more affordable and job-creating energy future that could be unlocked.”
Alex Lenferna, Campaigner, 350Africa.org 

Activists and civil society partners have also raised concerns about how fast the transition will be, saying that a much more accelerated transition to renewables is needed to solve the energy crisis and to tackle the climate crisis at the needed speed and scale.

Author: 350Africa.org

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Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

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