South Africa secures commitments to mobilise R131bn in concessional climate financing

President Cyril Ramaphosa on November 2 announced that South Africa had signed a political declaration with the governments of France, Germany, the UK and the US, as well as the leadership of the European Union, to establish a partnership to mobilise an initial $8.5-billion, or R131-billion, over the next three to five years through a range of instruments, including grants and concessional finance, to support the implementation of South Africa’s revised Nationally Determined Contributions (NDC) through a just transition to a low-carbon and climate resilient economy. The Political Declaration represents a first-of-its kind partnership to turn these commitments into reality and a model for similar forms of collaboration globally.