South Africa’s energy transition needs full financial support says Adesina
The African Development Bank estimates that South Africa would need more than $30 billion for transition to renewable energy
African Development Bank Group (www.AfDB.org) President Dr Akinwumi Adesina has assured South Africa of the Bank’s strong support as the country transitions from fossil fuel to renewable energy.
Adesina told Minister for Mineral Resources and Energy, Gwede Mantashe, that the Bank was in the process of setting up an African Energy Transition Facility to help South Africa secure adequate financing for its energy transition.
He said: “South Africa cannot and should not embark on the journey of energy transition without the necessary financial support.” He said through the African Energy Transition Facility, “South Africa can leverage on the $8.5 billion in grants from the G7 countries to generate all the money it needs for its just energy transition without getting into debt.”