South Africa: Grant Funding Also Needed for Energy Transition

Magwenya revealed that South Africa will need at least R1.4 trillion over five years to transition from high to low carbon emissions.

"At the UN Climate Change Summit last year, France, Germany, UK, US and the European Union pledged around R140 billion to support the just transition. An initial amount of R10.7 billion has been received in low-interest loans from Germany and France. Magwenya said the move towards lower carbon emissions is imperative as the toll will begin to weigh heavily on South Africa's economy.

"We need to access finance for infrastructure development and industrialisation when more and more banks are not investing in high emission industries. Our companies will struggle to get financing for infrastructure, factories and other projects," Magwenya said.

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