SA's investment plan for its climate finance deal are well below the R1.503trn government says it needs ie R844.8bn for the electricity sector, R379.4bn for green hydrogen & R152.15bn for electricvehicles renewableenergy JustTransition
South Africa’s government will invest the bulk of an $8.5 billion* climate-finance deal being offered by wealthy nations on bolstering its energy supply. An investment plan published Friday envisages 90% of the funds being used to decommission coal-fired power plants in tandem with developing renewable-energy generation, strengthening the transmission grid and modernizing the electricity-distribution system.
The package “is not sufficient to meet the scale of our ambition going to COP27. That is the message we will be taking forward,” Ramaphosa said in a webcast address. “Our plan can really only be fully and properly executed if there is more grant funding and funding made available in concessional loans and investment packages.” Developed nations are open to South Africa’s request to make more money available, he said. Of the total R152.15 billion, it’s envisaged that R94.
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