JOHANNESBURG: An investment strategy to direct the use of funds provided by the Just Energy Shift Partnership (JETP), a mechanism that finances the country's transition from coal to renewables, is being finalised, according to South Africa's mobilizer for financing.
According to Daniel Mminele, head of the task team, South Africa and its partners have made "significant progress" since their last meeting in June in developing a comprehensive investment plan under the Joint Economic Transformation Programme (JETP). They have discussed the first draught, which is being finalised by the Presidential Climate Finance Task Team.
Partner nations offered to mobilise an initial USD8.5 billion over the following three to five years through a range of instruments, including grants and concessional finance, for the implementation of South Africa's revised climate change mitigation targets after the South African government announced on November 2, 2021 that the partnership to support a transition to a low carbon economy and a climate-resilient society in the country.
According to Mminele, the partnership is collaborating with the JETP Secretariat and hopes to finish the investment plan by the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in October.
During the following two months, the task team will consult with important parties from the public and private sectors about the investment plan, including through working groups in each of the priority areas, he noted.
The JETP partners also acknowledged the need to attract additional funds from other partners and philanthropies that are eager to support South Africa's green transformation, which is likely to attract more participants and commitments.
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