Plan sets out a quantified investment plan of some $98 billion. This will drive huge investments in the elec- tricity grid, green hydrogen, electric vehicles, economic diversification and skills development, amongst others … It is crucial that the transition to a low-carbon economy is just and inclu- sive and that no worker or community is left behind … Climate finance is crucial for our transition. We need substantial investments to build sustainable infrastructure, develop green technologies and support social programmes … We need to think seriously about the urgent financial and policy measures needed to address these shocks … Mitigation and adaptation financ- ing remains a challenge, and we call on our international partners to fulfil their commitments to finance both. We have already seen positive steps with the establishment of the Green Cli- mate Fund, the Loss and Damage Fund, and other global mechanisms. … We need more innovative financing solutions that mobilise private capital and incentivise sustainable practices … International development finance institutions and governments of the Global North that made financial pledges under the Paris Agreement and COP26 [Conference of the Parties to the United Nations Framework Convention on Cli- mate Change] are important sources of cheap and concessional capital. To access this and other funding, we need a credible project pipeline … The science of climate change is complex. So too are the economic, tech- nological, social, ecological and political implications. Nonetheless, climate action is an imperative. We must act now. This requires collaborative efforts between government, business, labour, civil society, communities and interna- tional partners. If we work together, if we under- stand the risks and if we appreciate the urgency, we can make our country climate resilient. And in doing so, we can build a sustain- able future for generations to come. Climate Resilience Symposium 2024, 5 July 2024
economic resilience and growth. We are facing a climate emergency. Indecision and slow action are not an option. We must act decisively and swiftly to mitigate the effects of climate change and ensure a just transition for all South Africans. We must pursue a green industrial agenda that will create jobs and grow the economy. Investments in green infrastruc- ture, renewable energy and climate adaptation measures can be costly, requiring careful financial planning and prioritisation. That is why we have prioritised inclu- sive growth … Our strategy involves preparing our- selves to withstand the economic risks posed by climate change while taking full advantage of the opportunities of the energy transition. This is no easy balance. South Africa aims to reach net zero
emissions by 2050. Our revised Nationally Determined Contribution balances our developmen- tal needs and economic realities. It takes into account the feasibility of undertaking a climate response through a set of just transition pathways. … It notes [the] carbon tax as a vital component of our mitigation strategy to lower greenhouse gas emissions. By internalising the cost of carbon emissions, the carbon tax incentivises companies to reduce their carbon foot- print and invest in cleaner technologies. The carbon tax also generates revenue for climate initiatives. These funds can be reinvested in renewable energy projects, energy effi- ciency programmes and social support mechanisms. We have launched a number of other initiatives to meet our emissions targets … The Just Energy Transition Investment
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