Advocacy groups are mounting pressure on government to be more transparent and inclusive in managing climate finance needed in transitioning South Africa to clean power alternatives.a new long-term $8.5 billion Just Energy Transition Partnership to support SA’s decarbonisation efforts.
Amid the power crisis, SA is gradually moving from fossil fuels to alternative renewable energy sources. The country gets over 80% of its electricity from coal, although a number of these coal-fired power plants are reaching their end of life.Greenpeace Africa, members of the Fair Finance Coalition of Southern Africa , including 350Africa.
He called for bolder and innovative ways to finance just transition projects in developing countries, saying a “one-size-fits-all approach” will not work. FFCSA says: “On the surface, it is apparent that the type of financing the International Partner Group is offering is problematic; members of the FFCSA are concerned about the additional debt burden occasioned by the $8.5 billion offer, which primarily takes the form of loans.
“As the coalition, we are calling for climate finance that is fair, transparent and inclusive, without locking us into further debt. Given their developmental mandates, public finance institutions have an important role and obligation to finance a just and equitable society,” comments Amy Giliam Thorp, branch manager for the African Climate Reality Project.