The African Development Bank (AfDB) noted that the programme will support projects that are in line with South Africa’s Just Energy Transition (JET) investment plan. Credit: African Development Bank.

The AfDB Group has permitted a $1bn (£795.19m) guarantee from the UK Foreign Commonwealth and Development Office (FCDO) to support South Africa’s JET initiative.

The programme will support projects that are in line with South Africa’s JET investment plan. The plan includes transmission and grid-balancing storage, renewable energy generation and energy efficiency.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

It will also support the rehabilitation of municipal electricity delivery, green hydrogen and new electric vehicles.

FCDO humanitarian and development director-general Melinda Bohannon stated: “FCDO remains committed to the Just Energy Transition partnership with South Africa, which supports green growth and jobs, improves energy security, and helps South Africa achieve its carbon reduction ambitions as set out in its national determined contribution.

“This guarantee will unlock funds for projects within the remit of South Africa’s recently released Just Energy Transition implementation plan.

“This comes alongside the recently significantly increased grant offer from the International Partners Group, and we are using some of those grants to help develop an investment project pipeline.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, it will provide backing for initiatives that tackle the “just” aspect, particularly in the north-eastern province of Mpumalanga, which shares borders with Mozambique and Swaziland.

South Africa National Treasury Asset and Liability Management deputy-director general Mmakgoshi Lekhethe stated: “We are pleased with the approval by the AfDB board of the guarantee framework that will increase South Africa’s access to funding from the bank by $1bn.

“This marks an important partnership between our government, the UK and AfDB to enhance our ability to implement South Africa’s Just Energy Transition in a way that is just and socially responsible.

“We look forward to working closely with the AfDB on the preparation and financing of a pipeline of programmes and projects under our just transition priority areas, including those identified in the JET implementation plan.”