South Africa - Support to the creation of a jet funding platform to promote inclusion, transparency and enterprise — South Africa

Overview

The Accelerating Coal Transition (ACT) program is part of a broader effort to mobilize financial resources for the transition, with support from international partners and development finance institutions and the plan is crucial for South Africa's efforts to reduce greenhouse gas emissions and transition to a more sustainable energy system. The plan aims to support a comprehensive transition from coal to cleaner energy sources, addressing economic, social, and environmental aspects and it emphasizes protecting workers and communities dependent on coal, ensuring that the transition is equitable and inclusive. The Bank intervention will help the Government to fast track the implementation of the Just Energy Transition (JET) Investment and ensure that the flow of funds is open, transparent and inclusive. This will contribute to skills and entrepreneurship development, job creation, economic transformation and inclusive and green growth. The project will benefit the entire population of South Africa, particularly youth and women who are more impacted by poverty and unemployment. The project will have three components inspired by the objectives : (i) : Project Preparation Support Services and JET Pipeline Development; (ii) Advocacy, outreach, and Stakeholder Engagement; (iii) Project Management.