Yesterday, the International Partners Group (IPG), comprised of the European Union, France, Germany, the UK and the US, jointly welcomed and endorsed South Africa’s Just Energy Transition (JET) Investment Plan. Last year, at COP 26, the Just Energy Transition Partnership (JETP) was launched to accelerate the decarbonisation of South Africa’s economy and help it achieve its ambitious emissions reduction goals. President Cyril Ramaphosa of the Republic of South Africa launched the new Investment Plan during the World Leaders Summit at COP27 in Egypt, as envisaged in the Political Declaration last year. The President of the Commission, Ursula von der Leyen, said: “For the EU, the climate transition needs to be just. This partnership, with new investments, is how we help ensure that nobody is left behind. Therefore I welcome the endorsement of this Investment Plan. It will now kick-start the Just Energy Transition Partnership with South Africa, a first of its kind global initiative for accelerating a just energy transition in countries that commit to phase out coal. It is a flagship of EU-supported multilateral cooperation to limit global warming to 1.5°C.” The Investment Plan covers the energy sector, electric vehicles and green hydrogen. A ‘Just’ approach underpins the Plan, aiming to ensure that those most directly affected by a transition from coal – workers and communities including women and girls – are not left behind. It identifies $98 billion in financial requirements over five years to begin South Africa’s 20 year energy transition. Investment will be required from both public and private sectors. The IPG is mobilising an initial $8.5 billion to catalyse the first phase of the programme. More information can be found online.
EU Institutions News
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