Business Unity South Africa (Busa) yesterday welcomed the historic international partnership as South Africa secured a commitment of R130 billion of financing from developed countries and the EU to move away from coal to greener energy sources. Picture: Karen Sandison/African News Agency(ANA)
Business Unity South Africa (Busa) yesterday welcomed the historic international partnership as South Africa secured a commitment of R130 billion of financing from developed countries and the EU to move away from coal to greener energy sources. Picture: Karen Sandison/African News Agency(ANA)

Busa welcomes SA’s R130 billion green financing pact

By Philippa Larkin Time of article published Nov 4, 2021

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Business Unity South Africa (Busa) yesterday welcomed the historic international partnership as South Africa secured a commitment of R130 billion of financing from developed countries and the EU to move away from coal to greener energy sources.

“Business fully supports and welcomes a Just Transition partnership announced by President Cyril Ramaphosa on the 2nd of November 2021 with the governments of France, Germany, the United Kingdom, the US, and the EU, to enable a just transition to a low carbon economy and a climate resilient society in South Africa,” it said.

It said the partnership would be critical in enabling the leveraging of existing partnerships and developing new partnerships, bilaterally, multilaterally and with individual countries and institutions.

“Business is unequivocally committed to the transition to a low carbon and resilient economy and society for all. This agreement will facilitate the transition to green energy, including enabling private investment to be leveraged through collaboration and partnerships,” Busa said.

Busa said South Africa was fully committed to meeting the ambitious targets set by the government, and supported by business, and would meet these targets with financial and technical assistance from developed countries.

“We are fully cognisant of the social-economic challenges and context within which we are operating, and thus a Just Transition pathway is critical to achieving our targets, while also managing potential consequences and leveraging of undoubted opportunities. Business and government officials are working together to address any challenges and ensure that the transition is fair and considers the needs of individuals who may be affected,” it said.

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