The presidency announced on Tuesday he had signed a “historical” R131bn deal for the next three to five years with the US, UK, France, Germany and the EU to support a just transition to a low-carbon economy and a climate-resilient society in SA.
“This will provide a significant boost to investment and growth while ensuring Eskom can access resources to finance the repurposing of coal-fired power stations due for decommissioning over the next 15 years,” the presidency said.
Ramaphosa welcomed the transition, saying climate change was a serious challenge. He said SA was committed to reducing global emissions.
“The partnership that we have established today is a watershed moment not only for our own just transition but for the world as a whole. It is proof that we can take ambitious climate action while increasing our energy security, creating jobs and harnessing new opportunities for investment, with support from developed economies,” said Ramaphosa.
The department of environmental affairs announced ahead of the summit last month SA was in need of financial aid from developed countries to help its transition from coal to cleaner means of energy.