South Africa

Cabinet welcomes r131 billion just transition partnership

The Cabinet hailed South Africa’s historic R131 billion Just Transition Partnership with France, Germany, United Kingdom, United States and European Union, announced at the recent COP26.

The partnership offer was to be mobilized over the next three to five years.

Speaking to the media on Thursday, the Minister of the Presidency, Mondli Gungubele, said the partnership is expected to help the country move towards renewable energy commitments, which have many benefits for the environment and l economy of South Africa.

The Minister of Forests, Fisheries and Environment, Barbara Creecy, briefed the Cabinet on the results 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 October 31 to November 13, 2021.

Gungubele said the R131 billion offer was in line with the Paris Agreement commitment by developed countries to support climate actions in developing countries, including those in South Africa. South.

“An inter-ministerial committee chaired by President Ramaphosa will coordinate future work on the country’s just transition plan and financial offers made to South Africa as part of the partnership,” he said.

Gungubele said the Cabinet further mandated the government to appoint a finance team made up of the National Treasury; Industrial development company; Department of Forests, Fisheries and the Environment; Eskom and other financial experts to review the technical aspects of the partnership and the offer. –

Cabinet welcomes r131 billion just transition partnership

SourceCabinet welcomes r131 billion just transition partnership

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