COP President and South African Government Target COP27 for R131 Billion Energy Transition Funding Implementation

Announced at COP26 in Glasgow, the United Kingdom together with the European Union, France, Germany, and the United States undertook to mobilise an initial amount of US$8.5 billion over the next 3-5 years in the form of the Just Energy Transition Partnership Investment Plan, to support the achievement of South Africa’s ambitious Nationally Determined Contribution.

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In the meeting, the COP President and Ministers noted that as momentum grows and enabling conditions are created, there will be considerable interest from wider sources of finance.

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The parties also underlined their shared commitment to a just transition that protects affected workers and communities as a key priority of the partnership, and to supporting opportunities for innovation and quality jobs including in the green hydrogen and electric vehicle sectors.

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The South African Presidential Climate Finance Task Team (PCFTT) and the International Partners Group (IPG), confirmed their commitment of the partners to finalise a comprehensive Investment Plan as well as to continue discussions regarding the financing package to enable meaningful progress by COP27.

Link to the full update HERE

Author: Bryan Groenendaal

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