“Ramaphosa asks US leaders to help fund THIS R1.5 trillion”

https://www.thesouthafrican.com/news/ramaphosa-asks-us-leaders-assist-funding-energy-plan-6-november-2022/
06-11-2022 08:46

President Cyril Ramaphosa has asked for assistance from US leaders to fund the multi-trillion-rand energy transition plan for SA.

President Cyril Ramaphosa has reportedly reached out to leaders in the United States to help with the funding of the country’s Just Transition Plan.

OVER THE NEXT FIVE YEARS, SA WOULD NEED R1.5 TRILLION TO FUND THE PLAN

The multi-trillion-rand plan is aiming to reduce the negative effect on society of transitioning to a zero-carbon economy.

During his address to the Presidential Climate Commission just before the weekend, Ramaphosa revealed that the plan would ensure that benefits were distributed fairly.

Over the next five years, the Just Transition Plan would cost R1.5 trillion to fund – says the president.

THE COUNTRY HAS ALREADY ENTERED INTO PARTNERSHIPS WITH OTHERS

South Africa has already entered into a partnership with a number of countries to see the plan through. They are as follows:

•	France;
•	Germany;
•	The United Kingdon;
•	The US and;
•	The European Union.

EWN reports that Ramaphosa said that more money will be required AFTER the first five years. 

AFTER THE FIRST FIVE YEARS, MORE MONEY WOULD BE NEEDED SAID RAMAPHOSA

He explained that the funds pledged by the aforementioned countries were simply not enough.

“I am currently communicating with the leaders of the United States, some of them to say we need much greater funding than what has been put on the table to support our plan,” said Ramaphosa.

If the Just Transition Plan is successfully implemented, South Africa would rely less on fossil fuels. The country would then depend more on renewable energy by the year 2050.