The European Investment Bank and DBSA provide R1.98 billion loan to SA, in addition to the R7.9 billion financing announced at COP27.
The European Investment Bank and the Development Bank of South Africa have further boosted their support for renewable energy projects in South Africa’s private sector, aiming to increase clean energy generation, while supporting new jobs.
The country relies heavily on coal for its energy production, which contributes to pollution and greenhouse gas emissions. Around 90% of the country’s electricity comes from coal, making it one of the largest carbon emitters in the world. The financing initiative is part of Global Gateway, Europe’s external strategy for clean and sustainable infrastructure. It is aligned with the Just Energy Transition Partnership to support SA’s decarbonisation efforts, with a focus on the electricity system, and comes on top of the EIB’s €1 billion commitment under JETP.
“We are proud of the progress of this initiative and our partnership with DBSA,” comments EIB vice-president Ambroise Fayolle. “Investing in renewable energy is not only imperative to combat climate change, but it will also lead to more reliable energy supply, which businesses need in order to grow.”
Development Bank Of South Africa Renewable Energy Solar Wind Coal Fossil Fuels DBSA IEB Just Energy Transition Partnership JETP Boitumelo Mosako Ambroise Fayolle Sandra Kramer
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