Germany on Friday announced a fresh round of development funding for SA of €355 million (about R6.2 billion) in a combination of grants and subsidised loans over the next two years, most of which is dedicated to the fight against climate change.
Germany on Friday announced a fresh round of development funding for SA of €355 million in a combination of grants and subsidised loans over the next two years, most of which is dedicated to the fight against climate change.The German government has a long history of development co-operation with SA, dating back 30 years.
But the lion's share – about €301 million- will be dedicated to funding for energy and climate change. The money is a combination of grants and preferential loans of up to €270 million. This amount comes on top of the funding that Germany has already committed as its contribution to SA's Just Economic Transition Partnership . The JetP – a landmark transaction announced at COP26 a year ago – will see five international partners raise $8.5 billion towards SA's transition to cleaner energy sources.
A spokesperson for the German embassy in Pretoria Christopher Schmidt said in reply to questions over the weekend that Germany's JetP contribution would be €300m in the form of sovereign loans. This is already in the process of being delivered, he said. The composition and blend of financing for the JetP has not been announced but is expected to include only a small portion of grant funding, supported by loans. The other countries that are part of the JetP's International Partner Group are France, the EU, the UK, and the USA.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rubbish reform: changes to waste management could slash emissions | Fin24Reforms to how societies collect and treat waste could slash global emissions of methane, a report said, noting that simple measures like composting were a climate solution.
Read more »
DAVID FURLONGER: C-ing into the futureAndreas Brand has high hopes for Mercedes-Benz SA growth — though some government ‘initiative’ would help.
Read more »
the weekend wrap: The Weekend Wrap — A rousing climate anthem, the ‘Mandela Effect’ explained and what to do about unstable coalitionsDaily Maverick produces a rousing anthem to raise awareness about climate change, a new study explains the ‘Mandela Effect’ and, how the first black Comrades winner broke the door down for others.
Read more »
German industrial output weighed down by energy costs | Fin24German industrial production fell in August, official figures showed on Friday, with energy-intensive sectors hit hard as Russian gas cuts exact a heavy toll on Europe's top economy. | News24_Business
Read more »
Embattled Transnet asks customers to cough up early ahead of interim financial results | Fin24Transnet has asked customers to pay September bills a full 30 days early in a bid to make its mid-year results look better. | News24_Business
Read more »