Cabinet has welcomed the historic R131 billion Just Transition Partnership established by South Africa with France, Germany, the UK, the United States and the European Union announced at the recent COP26.
The offer of the partnership was expected to be mobilised over the next three to five years.
Addressing the media on Thursday, Minister in the Presidency, Mondli Gungubele, said the partnership was expected to contribute towards the country’s move to renewable energy commitments, which hold many benefits for South Africa’s environment and economy.
Forestry, Fisheries and Environment Minister Barbara Creecy briefed Cabinet on the outcomes of the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Glasgow, Scotland, United Kingdom (UK). The session was held from 31 October to 13 November 2021.
Gungubele said the R131 billion offer was in line with the commitment under the Paris Agreement by the developed countries to support developing countries’ climate actions, including those of South Africa.
“An Inter-Ministerial Committee chaired by President Ramaphosa will coordinate further work on the country’s Just Transition plan and on the financial offers made to South Africa in the context of the partnership,” he said.
Gungubele said Cabinet further mandated government to appoint a financial team consisting of National Treasury; Industrial Development Corporation; Department of Forestry, Fisheries and the Environment; Eskom and other finance experts to consider the technical aspects of the partnership and offer. – SAnews.gov.za