Of this, R2.4 trillion will need to be invested by 2030.
As such, according to the report, South Africa should pursue a triple-transition, targeting three types of transition to ensure both economic and climate objectives are met. Specifically, the report recommends the implementation of a low-carbon transition – by directing investments in new technologies such as renewables, the country can reduce greenhouse gas emissions across the energy sector while addressing the energy crisis; a climate-resilient transition – by investing heavily in climate action mechanisms such as irrigation, agronomic practices, ecosystem restoration and sustainable land management, the country can reduce the impacts of climate change including droughts, floods and heatwaves across various sectors; and finally, a just transition – by investing in reskilling and upskilling programs and increasing support for micro, small and medium enterprises as well as self-employed businesses to ensure the transition to low-carbon business models creates value to existing workers.
By unlocking the financing needed, South Africa stands the chance to implement its three-fold approach to the energy transition, thereby meeting dual goals of climate change mitigation and sustainable socioeconomic growth.
“As we work toward implementing our ambitious climate objectives, the difficult question remains how we uplift people and communities in the transition to a low emissions economy and ensure that the poorest and most vulnerable are not left behind as we resolve the tripartite challenges of inequality, poverty, and unemployment,” stated Dr. Crispian Olver, Executive Director of the Presidential Climate Commission