The Board of Directors of the African Development Bank Group has approved a $300 million loan to South Africa to implement its Energy Governance and Climate Resilience Programme.
The Programme prepared in collaboration with other development partners including the World Bank and KfW Development Bank (KfW), will aid advance South Africa‘s energy transition.
It will spur economic growth by furthering structural reforms to restore energy security, promote private sector participation in the electricity market and enhance the operational efficiency of the national power utility Eskom in line with South Africa‘s Energy Action Region and the Just Energy Transition Investment Position (JET IP) 2023–2027.
The Programme will accelerate mitigation and adaptation efforts by promoting renewable energy generation and shifting businesses to low-carbon activities, resulting in lowering the carbon footprint of the South African economy and improving financing for green projects. These expected outcomes align with South Africa‘s updated Nationally Determined Contribution and the country’s Long-term Low-Emissions Development Strategy.
It will ensure the security and affordability of energy for families and small businesses. It will enable the government to increase budget allocations to connect electricity to needy households and establish a mechanism to encourage families and micro- and medium-sized businesses to invest in renewable energy.
The reform priorities discussed with the Government are designed to complement and create synergies with existing support from the African Development Bank and other development finance institutions for the Just Energy Transition.
Through a $629 800 (470 000 UA) grant with co-financing from the Climate Insurance Fund, the Bank will provide support to ensure affected communities are not left behind, crowd in more women as decision-makers and support young entrepreneurs, especially women, to build skills and create jobs for the green economy.
South Africa‘s country’s Energy Governance and Climate Resilience Programme aligns with the African Development Bank’s ‘High 5’ strategic priorities, especially “Light up and Power Africa”, “Industrialise Africa”, and “Improve the quality of life for the people of Africa”.
Welcoming the operation, Mrs Leila Mokaddem, Director General for Southern Africa, noted the Bank’s long-term support to South Africa‘s energy sector. Energy has the largest share of the Bank’s portfolio at 43.4%. The programme complements this support and aligns with the recently approved Country Strategy Paper (CSP) for South Africa, which recognizes the centrality of Energy reforms to achieve economic growth and improve business confidence.
mantis queen
An retired elderly couple visit London..
They get picked up from the airport in a london black cab and head off into the city for some adventure.
The cab driver say \”where you from guvnor?
Husband. \”we\’re from South Africa\”..
The wife is a little hard of hearing asks her husband.
\”What did he say?\”
The husband turns to his wife and says louder \”the cab driver asked us where we were from, I told him South Africa!\”
The cabbie continues \”I was in the merchant navy years back… I got to drop anchor down your way, a few times in Johannesburg\”
The husband replies \”oh wow that\’s where we\’re from originally, now we\’re in Cape Town.\”
The wife asks the husband again \”what did he say?\”.
The husband again relays the unheard conversation \”the cab driver says he spent some time in the navy and went down to joberg\”.
The wife smiles and nods.
Lady Peach
Fun South African Fact: There are eight incredible world heritage sites in South Africa.