On Monday Ramaphosa handed over South Africa's “just energy investment partnership plan” to the EU president, British prime minister, French president and the US president’s climate envoy at the summit.
The heads of state and government met on Monday and Tuesday to develop their ambitions for the COP27 process.
“I think loss and damage is going to be the thorny issue at COP27. I suppose many small island states and least developed countries will measure its success, or not, by this,” said Creecy.
She supports a loss and damage fund, where the biggest polluters in the developed world help countries harmed by the fallout of climate change despite not contributing much to the crisis.
Billions of rand in loans and grants will be needed to implement South Africa's energy transition plan, which includes repurposing decommissioned power stations and reskilling workers.
“The president shared with international partners that while $8.5bn [R151.46bn] was a good start, we are looking at closer to $90bn for the first part of the investment plan,” said Creecy.
“We want to attract further investment but we also want to attract more grant financing.”
Grants are preferable for aspects of the plan which do not have a revenue stream, such as the upskilling and reskilling of vulnerable workers. The plan was endorsed by cabinet last month and released on Friday.
The international partners and South Africa announced the plan at the UN climate talks (COP26) in the UK last year.
“We are happy we have concluded an investment plan that outlines our vision and speaks to the quantum finance required until 2030,” said Creecy.
COP27 ends on November 18.
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World supports SA plan to wean off coal with just energy transition
Image: Bloomberg
South Africa's just energy transition plan — to reduce dependence on fossil fuels and pursue low-carbon renewable sources of energy while protecting jobs — has been well received at the COP27 summit, forestry, fisheries and environmental affairs minister Barbara Creecy said on Wednesday.
South Africa signed loan agreements with France and Germany for €300m (R5.36bn) at the summit in Sharm el-Sheikh, Egypt, on Wednesday to support its commitment to wean the country off its reliance on coal.
For the first time at COP26 last year, countries agreed to “phase down” coal production, but the Russian invasion of Ukraine and the ensuing energy crisis triggered the reopening of coal plants in some EU countries.
Asked about weaning South Africa off coal-fired power stations — when load-shedding is wreaking havoc — Creecy said President Cyril Ramaphosa has been clear that the energy transition must support “development and energy in particular”.
“It would be irresponsible to say we are switching off [coal-fired power stations] without energy security,” she said.
On Monday Ramaphosa handed over South Africa's “just energy investment partnership plan” to the EU president, British prime minister, French president and the US president’s climate envoy at the summit.
The heads of state and government met on Monday and Tuesday to develop their ambitions for the COP27 process.
“I think loss and damage is going to be the thorny issue at COP27. I suppose many small island states and least developed countries will measure its success, or not, by this,” said Creecy.
She supports a loss and damage fund, where the biggest polluters in the developed world help countries harmed by the fallout of climate change despite not contributing much to the crisis.
Billions of rand in loans and grants will be needed to implement South Africa's energy transition plan, which includes repurposing decommissioned power stations and reskilling workers.
“The president shared with international partners that while $8.5bn [R151.46bn] was a good start, we are looking at closer to $90bn for the first part of the investment plan,” said Creecy.
“We want to attract further investment but we also want to attract more grant financing.”
Grants are preferable for aspects of the plan which do not have a revenue stream, such as the upskilling and reskilling of vulnerable workers. The plan was endorsed by cabinet last month and released on Friday.
The international partners and South Africa announced the plan at the UN climate talks (COP26) in the UK last year.
“We are happy we have concluded an investment plan that outlines our vision and speaks to the quantum finance required until 2030,” said Creecy.
COP27 ends on November 18.
TimesLIVE
Support independent journalism by subscribing to the Sunday Times. Just R20 for the first month.
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