South Africa Needs $60B for Green Energy Transition

South Africa is the biggest carbon emitter in Africa and is ranked 13th globally. The high pollution originates from high reliance on coal for energy production.

During the #ClimateChange Summit in Egypt, South African President Cyril Ramaphosa outlined his Just Energy Transition (JET) requiring ZAR 1.5 trillion plan over the next five years. He also took the opportunity to meet with various international partners to promote the Green Energy Transition in his country.

As part of its decarbonisation drive, South Africa will boost its Accelerating Coal Transition (ACT) program. In particular, South Africa will add more renewables into the energy mix. In addition, it will adopt new clean technologies such as Electric Vehicles and Hydrogen Engines.

According to Mrs Barbara Creecy, the SA Minister for Forestry, Fisheries and Environment Affairs, South Africa will need more than USD 60B to successfully complete its Green Energy Transition. So far, the developed countries have committed up to USD 8.5 billion in Green Financing while the Climate Investment Funds (CIF) has already approved USD 500M.