Other nations and philanthropic organisations want to join the $8.5-billion climate finance deal offered to South Africa by rich countries.
president of the Cop26 climate talks, said other nations and philanthropic organisations want to join the US$8.5-billion climate finance deal offered to South Africa by the UK, US, Germany, France and the European Union.
The Just Energy Transition Partnership was announced at the Cop26 talks in Glasgow in November and the terms are being negotiated by South Africa and partner nations. The deal has been touted as a blueprint for future agreements with other coal-dependent developing nations. “This JETP is about kick starting further support that will come,” said Sharma, who is also a UK cabinet minister. “We know, for instance, that there are other developed economies that have an interest in supporting South Africa. There is also interest from philanthropies and I think there is interest from the private sector as well.”
In addition, money will need to be spent compensating coal-dependent communities whose livelihoods are threatened by the change, the Blended Finance Taskforce and the Centre for Sustainability Transitions at Stellenbosch University said.“As part of a long-term transition it will require significantly more funding,” Sharma said, adding that he held talks with seven South African ministers on Tuesday.
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