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South Africa wants $8.5bn climate plan wrapped up by COP28

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South Africa wants $8.5bn climate plan wrapped up by COP28

Posted on : 08-09-2023 | Author : Bloomberg

Photo by Peter H from Pixabay

South African Minister of Forestry, Fisheries, and the Environment, Barbara Creecy, anticipates that the implementation plan for the delayed $8.5 billion climate pact with several wealthy nations will be finalized by the start of the COP28 summit on November 30.

The agreement, known as the Just Energy Transition Partnership (JETP), is designed to aid South Africa in transitioning away from coal-dependent energy sources to cleaner alternatives. However, internal disputes and opposition from politicians associated with the coal industry and labor unions, worried about job losses, have hindered progress. Coal currently accounts for over 80% of the country's electricity generation.

Although the pact was initially announced during the COP26 summit in 2021, most of the funding cannot be allocated until the South African government completes the implementation plan.

South Africa's agreement with France, Germany, the UK, the US, and the European Union represents a groundbreaking initiative. The Netherlands and Denmark are also considering joining the JETP, with discussions already underway.

Denmark's Environment Minister, Dan Jorgensen, confirmed the talks but did not provide further details. Similar agreements are being pursued with Indonesia, Vietnam, and Senegal.

Minister Creecy expressed the intention to finalize the implementation plan before the COP28 summit. Delays in the plan's development have also been attributed to South Africa's energy supply crisis, with the government emphasizing the importance of energy security. While the country remains committed to its emission reduction targets, the closure of coal-fired generation units, including those at the Camden plant, will be postponed due to ongoing and extensive power cuts.

"We are not going to take those units at Camden off production," Minister Creecy explained, citing the current need for power continuity. South Africa is currently experiencing power cuts lasting over 10 hours a day.