ANALYSIS – So, where is the $8.5bn that South Africa was promised at COP26?
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GUEST – Professor Mark Swilling is Co-Director of the Centre for Sustainability Transitions at STELLENBOSCH University
In November 2021 four Western governments plus the European Union (EU) announced at the COP26 meeting in Glasgow that $8.5-billion would be made available to accelerate South Africa’s energy transition. The UK, US, French and German governments plus the EU formed the Just Energy Transition Partnership (JETP) after a lightning visit of climate envoys shortly before the COP26 meeting. The World Bank’s Climate Investment Funds (CIF) facility has positioned itself as the de facto coordinator of the JETP. The original $5-billion pledge was increased to $8.5-billion after the President insisted the amount be increased. Initial reactions by those associated with South African financial institutions were positive, mainly because it was assumed that this funding was either a grant or very cheap funding
In November 2021 four Western governments plus the European Union (EU) announced at the COP26 meeting in Glasgow that $8.5-billion would be made available to accelerate South Africa’s energy transition. The UK, US, French and German governments plus the EU formed the Just Energy Transition Partnership (JETP) after a lightning visit of climate envoys shortly before the COP26 meeting. The World Bank’s Climate Investment Funds (CIF) facility has positioned itself as the de facto coordinator of the JETP. The original $5-billion pledge was increased to $8.5-billion after the President insisted the amount be increased. Initial reactions by those associated with South African financial institutions were positive, mainly because it was assumed that this funding was either a grant or very cheap funding
