Overall, the NDB’s approach to financing green projects aligns closely with South Africa’s national sustainability goals in several ways.
The Ninth Annual Meeting of the NDB will be held in Cape Town from August 29 to 31 with the theme “Investing in a Sustainable Future” highlighting the bank’s commitment to addressing global challenges through sustainable development. Picture: SuppliedThe New Development Bank has already approved a total of $2.3 billion for 10 renewable energy projects covering technologies such as solar PV, onshore and offshore wind, hydropower, biomass, and hybrid systems with storage.
In terms of power transmission, the bank provided $180 million for Eskom for developing grid connection infrastructure in South Africa. This loan was approved in April 2016 and was aimed at reducing South Africa’s reliance on fossil fuels. It will enhance South Africa’s capacity for renewable energy while achieving sustainable growth.
The environmental and social impacts of the project are contained in the Environmental Management Plan which includes proposed mitigations to ensure minimal residual risk. Eskom monitors and ensures the implementation of the EMP. The NDB’s approach supports South Africa’s Just Energy Transition Partnership , which aims to accelerate the decarbonisation of the economy while ensuring a just transition for affected communities. The NDB has pledges $3bn over five years in support of South Africa’s JETP.Andrew Etzinger, the general manager for energy market services and international trader of the National Transmission Company South Africa , toldNDB investments in water infrastructure projects, such as the $179.
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