South Africa is in a pit – one that’ll cost R1.5 trillion (1,500,000,000,000 – that’s 12 0’s) to climb out of. It has already secured $8.5 billion from the world’s top countries to start moving away from coal. Still, it’s a far cry from the finish line. According to Barbara Creecy, South Africa’s Environment Minister, the country is once again in talks with more nations willing to help the cause.
While discussing the Just Energy Transition Partnership (JET) at COP27, Creecy said “We’ve had some bilaterals where there’s been additional interest shown.” President Ramaphosa later added, “…we are now going to make the circle bigger and other countries that would want to contribute to the JET Investment Plan, we are going to include them as well.” That’s so kind of you, Mr. President.
Money, money, money
Countries both confirmed and those still in talks to send aid to the country aren’t doing so because they want to. It’s because South Africa is currently thirteenth on the list when it comes to greenhouse gas production. Much of the country’s power (80%) comes from coal – which only pushes us up higher and higher on that list. Should the JET display actual changes, the same countries that pledged aid will begin focusing on other countries lacking in sustainable green energy.
Read More: South Africa wants to pull away from coal – Germany pledges R6.2 billion to help get there
In the original JET plan between South Africa, the United States, the United Kingdom, France, Germany, and the EU, $7.6 billion is allocated towards advancing our electricity production. $700 million is set aside for furthering green-hydrogen projects and the final $200 million is funnelling into the SA’s EV industry.
Now, we don’t know which other countries are interested in helping us out. But, should any more sign onto the JET agreement, it means more money to spend on the sectors mentioned above. We clearly need all the help we can get.
Source: Bloomberg