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Free AccessRamaphosa: COP26 Just Transition Strategy to be Finalised in 2022
Ramaphosa Speaks about the COP26 - R131bn just transition allocation:
- This support will take the form of various financial instruments, including grants and concessional loans. This funding will be mobilised over the next three to five years, with a view to longer-term engagement.
- This is an initial commitment, which may increase as discussions progress and further funds are identified.
- This commitment from international partners does not mean we need to accept any unfavourable terms, especially if the financing arrangements could impact negatively on the public fiscus.
- the pace and extent of decarbonisation in South Africa will be determined by the financial support available and will take account of the country's social and economic challenges.
- A significant proportion of funding is expected to be used for Eskom's just transition plans, which includes decommissioning, repowering and repurposing of old coal-fired power stations in line with the Integrated Resource Plan 2019.
- Funding will also be allocated towards the development of new sectors such as electric vehicles and the implementation of the Green Hydrogen Sector Master Plan
- Funding offered through the Political Declaration will be used for targeted programmes of reskilling and upskilling, creating employment and providing other forms of support
- This process is expected to be finalised over the next six months to a year. It will be done transparently and we will all get to know what it entails
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.