By Anthony Sguazzinn.
South Africa’s government wants to start accessing some of the $8.5 billion in climate financing pledged by some of the world’s richest nations by early 2023, the head of its negotiating team said.
“That’s what we are aiming for and working toward,” Daniel Mminele, a former central banker governor who was appointed to head the talks for South Africa in February, said in a text message on Thursday.
The potential funding, which will be made available over three to five years, was announced at the COP26 climate talks in Glasgow in November. Under the arrangement, the US, UK, Germany, France and European Union plan to provide finance to help the country cut its use of coal, which is used to generate more than 80% of its electricity.
South Africa, the world’s 13th-biggest source of greenhouse gases, will need to spend $250 billion over the next three decades to fund the closing down of coal-fired power plants and development of replacement green energy such as wind and solar, according to a study released in May.
In terms of the investment plan, which maps the investments required to achieve a just energy transition, South Africa is working with the JETP secretariat.
“We are aiming to complete the investment plan by October, which will then enable us to demonstrate concrete progress in realising the objectives of the partnership by COP27.
“We will make sure that the governance arrangements, monitoring and reporting will ensure that funds are applied for the intended purposes,” Mminele said.
In addition, the credentials climate commission has finalized its work on the Just Transition Framework, which will be submitted to Cabinet, and will inform elements of the investment plan, as well as mechanisms that are necessary to ensure a just transition for affected workers and communities.
“We will be consulting with key stakeholders on the investment plan in the coming months, including through working groups in each of the priority areas that include representatives from both the private sector and public sector.
“This will ensure that we have an investment plan that represents a shared vision for South Africa’s transition and programme of action to achieve our climate commitments and national objectives.
“South Africa remains committed to making this partnership a success towards the path of a greener and more sustainable future. We are convinced that this path will also contribute to long-term energy security and support economic growth, development and job creation,” Mminele said.