Govt vows to ‘monitor’ spending on $8.5bn energy transition plan

Creecy was speaking during a media briefing on Tuesday following the United Nations Framework Convention on Climate Change COP27 Climate Conference in Egypt.

"I suppose that there are very clear terms and conditions around which the ($8.5billion) can be utilised, and they are negotiated by the National Treasury they obviously involve a concept of pay for performance, certain goals would be defined in the implementation strategy money would be advanced to cover those goals, if those goals are not met then money would not be available. I suppose that is an assurance that one can give."

Last month cabinet released its R1.5 trillion energy transition investment plan from coal to green energy over the next five years.

South Africa's Just Energy Transition Partnership (JETP) members which include the US, UK, France, Germany and the EU who have pledged $8.5 billion at COP26 in Glasgow last year.

The COP27 Summit reached a historic decision to establish a fund to assist developing countries to respond to Loss and Damage caused by climate change.

Creecy says South Africa is committed to mitigating the effects of climate change.

"The final COP27 outcome reflects the urgency of the climate crisis, and the need to keep the 1.5-degree temperature target alive during what the International Panel on Climate Change. 

The key milestone agreed to at COP27, was on financial arrangements to address loss and damage due to climate change. COP27 agreed to set up a fund for loss and damage."

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