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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