South Africa has signed loan agreements with France and Germany for the two European nations to each extend 300 million euros (about 300.6 million U.S. dollars) in concessional financing to South Africa to support the country’s transition from reliance on coal to cleaner energy, the National Treasury said Wednesday.
While South Africa still requires more support for its just transition path considering the scale of the required transition in the context of the current socio-economic challenges of high unemployment, high level of poverty and inequality, this funding will assist in addressing the challenge of financing the critical adaptation and mitigation programs and supporting a resilient, sustainable, and inclusive growth, said Ismail Momoniat, acting director general of the National Treasury.
He added that the money would be used to implement the Just Energy Transition Investment Plan. Enditem
