Announcement of JET Investment Plan at COP27 is a milestone

It covers the steps needed to increase clean energy, support new green industries and manage the transition justlyAntony Philipson, Arnaud Roux, Andreas Peschke, Reuben E Brigety II and Sandra Kramer

The JET Partnership is rightly an SA-led process, and President Cyril Ramaphosa’s announcement of the JET Investment Plan at COP27 is a real milestone. It sets out SA’s priorities for the energy transition and will help guide how our $8.5bn is spent: it covers the steps needed to increase clean energy, support new green industries such as electric vehicles and green hydrogen, and manage this transition justly.

Transition is a decades-long process and there will be bumps along the way. Europe did not foresee that it would need to come off Russian gas so quickly due to the Ukraine war. But we are even more determined to shift towards renewables, with use of coal a strictly temporary measure. EU emissions will still reduce this year, with 50GW of new renewable capacity and plans for an extra 100GW next year.

The release of SA’s JET Investment Plan means our work now turns to implementation and getting funding moving. There has been early progress. The Climate Investment Funds recently approved $500m of concessional capital, 65% funded by the UK, US and Germany, to support the repurposing and repowering of three power stations, as well as community development projects in Mpumalanga, and will leverage a further $2.1bn of finance.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lack of investment leaves public infrastructure in sorry state, says reportDespite government’s economic recovery plan highlighting infrastructure spending as crucial for growth, new report says this investment continues to fall
Source: BDliveSA - 🏆 12. / 63 Read more »

Bitcoin investment narrative fraysThe idea that Bitcoin can form a worthwhile part of a diversified portfolio of risk assets is fraying among institutional investors.
Source: mybroadband - 🏆 11. / 67 Read more »

DISPATCH FROM COP27: What the world is learning from South Africa’s nascent Just Energy Transition Investment PlanPresident Cyril Ramaphosa has been praised by global leaders for South Africa’s efforts to prevent and avert the worst effects of human-induced climate change as part of its Just Energy Transition Investment Plan. Phala Phala A man and his daughter were walking in a forest 🦺 Load shedding started in 2007 and had cost the country dearly yet the Govt had no idea how to fix it. Implementation of this plan is key. Actions not words matters. timewilltell
Source: dailymaverick - 🏆 3. / 84 Read more »