COP27 Side Event: Financing the Just Transition In South Africa

A moderated panel in the SA Pavilion, with panellists from the Presidential Climate Finance Task Team, the JETP Secretariat, the Commercial Financial Sector, the Philanthropic sector and the Development Finance Sector.

The Just Transition in South Africa requires substantial investment in areas of mitigation, adaptation and just transition. Some estimates run into the R7 trillions to achieve the decarbonisation and socio-economic objectives to 2050. With the endorsement of the Just Energy Transition Investment Plan by the South African Cabinet, the early stages of the mitigation-led transition in the energy, electric vehicles and green hydrogen sectors will be catalytic to the achievement of a lower carbon economy.

The imperative of just transition programme financing will be key to ensuring that workers who might be negatively impacted are adequately provided for. Communities and the value chains associated with power station localities and coal mining must be catered for, to assist them to adjust to new development opportuniites. Investments in skills development and job creation are also critical to the success of the transition. Blended finance, with both public and private contributions, as well as other investment instruments are crucial for the successful financing of the Just Transition.

The panel will explore these aspects of investment, finance and the role of the JETP towards mobilising and scaling up climate finance to meet South Africa’s just transition needs. The moderator will explore these issues in conversation with a panel comprised of local and global experts and stakeholders.

Facilitator: Dipak Patel (PCC)

Speakers:

• Daniel Mminele – Head: Presidential Climate Finance Task Team
• John Murton – UK Climate Envoy and Co-ordinator of the IPG
• Simon Harford – CEO, Global Energy Alliance for People and Planet
• Nazmeera Moola – Chief Sustainability Officer at Ninety-One
• Amar Bhattachrya – Senior Fellow, Brookings Institute
• Lebogang Mulaisi – PCC Commissioner and Head: Policy, COSATU
• Yasirah Madhi - Institute for Economic Justice, youth representative
• Crispian Olver, Executive Director, PCC