Spain has pledged R42 billion to help fund renewable energy, battery storage, transmission, green hydrogen and electric vehicles in South Africa, as well as water and sanitation projects. | News24_Business
Spain plans to back South Africa's energy transition and water needs with R42 billion in funding.This funding is not part of the Just Energy Transition Partnership in which $8.5 billion was initially pledged.Spain is providing €2.1 billion to help fund South Africa's energy transition and water needs, even as some of the world's richest nations struggle to push forward on a ground-breaking climate-finance initiative with the country.
Spain, along with other developed countries that aren't part of the Group of Seven wealthy nations, weren't included in the JETP as it was an initiative of that bloc. JETPs are also being put in place in countries including Indonesia, Vietnam and Senegal. A pipeline of opportunities is now being developed and agribusiness opportunities may be included, he said.Spain isn't the only European country seeking to help with South Africa's transition from its reliance on coal, which accounts for more than 80% of the power the nation produces.
The country is also working with national power utility Eskom to repurpose land for labour-intensive agriculture at the site of the Grootvlei power plant, which is scheduled to be closed in coming years, they said.
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