South Africa’s fundraiser said on Thursday it was finalizing the first draft of an investment plan to guide the use of funds offered by the Just Energy Transition Partnership (JETP), a mechanism that funds a transition from coal to renewable energy in the country.
Under the JETP, South Africa and its partners, including France, Germany, Britain, the United States and the European Union, have made “significant progress” in developing global investment plan since their last engagement in June, and discussed the first draft, which is being finalized by the Presidential Climate Finance Task Force, said task team leader Daniel Mminele during a virtual press conference.
After the South African government announced the partnership on November 2 last year to support a transition to a low-carbon economy and a climate-resilient society in the country, partner countries offered to mobilize a initial amount of US$8.5 billion 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.
The partnership is working with the JETP Secretariat and aims to complete the investment plan in October, ahead of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), Mminele said.
The task team will consult with key stakeholders, from the public and private sectors, on the investment plan over the next two months, including through working groups in each of the priority areas, he added. .
JETP partners have also discussed the need to raise additional funds from other partners and philanthropic organizations who wish to support South Africa’s green transition, and this is likely to attract additional members and commitments.