$8.5bn ‘catalytic’ but insufficient to deliver $99bn Just Energy Transition Investment Plan

President Cyril Ramaphosa says the $8.5-bilion (R128-billion) in concessional climate financing on offer from various developed countries to South Africa will play a “catalytic” role in supporting the implementation of the country’s larger $99-billion (R1.5-trillion) Just Energy Transition Investment Plan (JET IP) over the coming five years. However, far more domestic and international funding is required, and the composition of that funding will also need to be more grant-heavy if the just components of the transition are to be realised. Releasing the JET IP for public comment only two days before the start of the COP27 climate talks in Sharm El Sheikh, Egypt, Ramaphosa said that South Africa would continue to “agitate” for additional climate funding and more grant funding, including from the initial Just Energy Transition Partnership, or JETP, participants of France, Germany, the UK, the US and the European Union.