South Africa has lost over $1-billion in funding pledged by the United States for the Just Energy Transition (JET). With this withdrawal, South Africa’s total pledged funding has decreased to $12.83-billion, down from the $13.89-billion reported in the Presidency’s latest JET Implementation Plan Quarterly Progress Report.
The US embassy in South Africa informed the Presidency on 28 February 2025 that the US has withdrawn from the International Partners Group (IPG), formed in 2021 with France, Germany, the UK, and the European Union during the COP26 climate summit in Glasgow. The IPG was established to support South Africa’s efforts to decarbonise its economy.
The US had already reduced its grant funding by $7-million — from $63-million to $56-million — between September and December 2024.
More than 60% of the funding pledged for the JET comprises concessional and policy loans, which offer more favourable repayment terms than commercial loans.
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