President Cyril Ramaphosa has reached out to leaders of the United States (US) to assist with funding South Africa’s Just Transition Plan.
The multi-trillion-rand plan is aiming to reduce the negative effect on society of transitioning to a zero-carbon economy.
In his address to the Presidential Climate Commission on Friday, Ramaphosa said the plan would also ensure that the benefits were fairly distributed.
He said the Just Transition Plan would cost R1.5 trillion to fund over the next five years.
The country’s Just Energy Transition Partnership (JETP) was established at last year’s climate talks COP26 in Glasgow, Scotland, with countries including France, Germany, the United Kingdom and the United States pledging a commitment to support South Africa’s plan to move away from fossil fuel dependence. The mixed funding was placed at $8.5billion.
A year later, two days before COP27 in Sharm El-Sheikh, Egypt, South Africa finally put together its long-awaited Just Energy Transition Investment Plan (JET IP), with rollout targeted between 2023 and 2027.
Ramaphosa said the plan was adopted by Cabinet in August and is being released to the public for further discussion, adding that he was expecting suggestions and recommendations.
“This plan outlines the scale of need and the investments that will be required to achieve our decarbonisation commitments. And to do so while promoting sustainable development and ensuring a just transition for our country, and in particular for our people; as in workers, communities and vulnerable people who are going to be directly impacted as we execute this plan,” Ramaphosa said.
He said more money would be required after the first five years of implementing the plan and the funds pledged by these countries are not enough.
“I am currently communicating with the leaders of the United States, some of them to say we need much greater funding than what has been put on the table to support our plan.”
If the plan succeeds, the country would rely less on fossil fuels, such as coal, and depending more on renewable energy by 2050.
Source: The South African, Eyewitness News, Daily Maverick, News24, image from Twitter: @AlbaMokopane