The African Development Bank has secured a $1 billion guarantee from the United Kingdom to increase lending towards South Africa’s effort to transition towards renewable energy and build a greener economy.
According to a press statement made available to PUNCH Online on Sunday, the backing will allow the bank to “increase its lending capacity in support of South Africa’s Just Energy Transition (JET),” investing in projects like clean energy, grid improvements, electric vehicles, and green hydrogen production, the bank said.
A portion will also go towards the “just transition” for communities in South Africa’s Mpumalanga province reliant on coal to ensure the switch does not devastate livelihoods.
“This is another innovative operation that reaffirms AfDB’s leadership in crafting financial solutions to increase access to climate finance for Africa’s low carbon development and net zero ambitions,” the bank’s Vice President for Power,…
Connect with us on our socials: