South Africa Finalises Draft Investment Plan For Green Transition

South Africa says it is finalising the first draft of a investment plan to guide the use of funds offered by Just Energy Transition Partnership (JETP), a mechanism that finances a transition from coal to renewables in the country.

Under JETP, South Africa and its partners including France, Germany, Britain, the United States and the European Union have made “significant progress” in developing a comprehensive investment plan since their last engagement in June, and have discussed the first draft, which is being finalised by the Presidential Climate Finance Task Team, head of the task team Daniel Mminele told a media briefing virtually.

After the South African government announced on Nov. 2 last year the partnership to support a transition to a low carbon economy and a climate resilient society in the country, partner countries offered to mobilize an initial 8.5 billion U.S. dollars over the next three to five years through a range of instruments, including grants and concessional finance, for the implementation of South Africa’s revised climate change mitigation targets.

Your Friends Also Read:  11 Egyptian Military Personnel Die in Terrorist Attack, East of Suez Canal

The partnership is working with the JETP Secretariat and aims to complete the investment plan this October, before the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), said Mminele.

The task team will consult with key stakeholders, from both the public and private sectors, on the investment plan during the next two months, including through working groups in each of the priority areas, he added.

The partners under JETP also discussed the need to leverage extra funding from other partners and philanthropies that are interested in supporting the green transition of South Africa, and it is likely to bring in additional members and commitments.

Your Friends Also Read:  EU Condemns Museveni’s Son Over Russia-Ukraine Conflict Tweet

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
0
Shares

Leave a Reply

Previous Article

Egypt Starts Construction of First Nuclear Power Plant

Next Article
Nigeria: Abducted Private Varsity Student Regains Freedom (News Central TV)

Nigeria: Abducted Private Varsity Student Josephine Regains Freedom

Related Posts
Powered by Live Score & Live Score App