Despite wealthy nations’ pledged $R8.5 billion (approximately R150 billion) and further pledges and investments, South Africa faces a R660 billion financing shortfall for the just energy transition, expected to cost R1.5 trillion over five years. This was revealed by Forestry, Fisheries and the Environment Minister Barbara Creecy in a response to a parliamentary question. DA MP David Bryant asked whether she was actively exploring additional funding mechanisms for the implementation of the Just Transition to a Decarbonised Economy for South Africa to supplement the initial $8.5 billion commitment.

Source: News 24 October 23, 2023 03:05 UTC