Latest news with #COP26
Business Insider
a day ago
- Business
- Business Insider
Africa's richest country gets €500 million loan from Germany for fossil-fuel move
Germany has approved a €500 million ($582 million) loan to support South Africa's transition away from fossil fuels. Germany has approved a €500 million loan to South Africa for its energy transition. The loan is provided through KfW and GIZ with concessional terms. Germany's financial support under JETP totals €1.3 billion so far. Germany has approved a €500 million ($582 million) loan to support South Africa's transition away from fossil fuels, deepening its financial commitment to the country's decarbonization efforts under the Just Energy Transition Partnership (JETP). The 13-year facility, provided through the German state-owned development bank KfW and implemented by the German Society for International Cooperation (GIZ), includes a three-year grace period and carries a fixed interest rate of 4.31%, the South African National, according to Bloomberg. The loan builds on two prior agreements finalised in 2022 and 2023, bringing Germany's total concessional loan support to South Africa via KfW to €1.3 billion. The funding is part of Germany's pledge under the broader $8.3 billion JETP package launched at COP26, which also includes financial backing from other major donors such as France, the UK, the US, and the EU. The latest round of financing will help bolster South Africa's short- and medium-term energy security while advancing its decarbonization goals, said Finance Minister Enoch Godongwana. South Africa generates approximately 80% of its electricity from coal, making it the most carbon-intensive economy among the G20 nations. The country's ageing coal-fired power fleet has also contributed to chronic electricity shortages, prompting urgent calls for investment in renewable energy infrastructure. Multilateral partners join the push for clean energy In addition to German support, other JETP financiers participating in the latest disbursement include the World Bank, African Development Bank, Japan International Cooperation Agency (JICA), and the OPEC Fund for International Development. In 2023, South Africa received $676 million in grant funding from wealthy nations to support its transition to cleaner energy. However, the government estimates that fully transitioning away from fossil fuels, such as coal, which currently accounts for 80% of the country's electricity generation and a third of its liquid fuel production, will require an estimated investment of 1.5 trillion rand ($78.4 billion).
IOL News
a day ago
- Business
- IOL News
Germany advances South Africa's Just Energy Transition with R10bn loan
The National Treasury on Monday said this KFW loan, which forms part of the country's third Development Policy Operation, signified a continued commitment to structural reforms crucial for enhancing the efficiency, resilience, and sustainability of the country's infrastructure, particularly within the energy sector. Image: Supplied Germany has finalised a €500 million (around R10.4 billion) loan aimed at supporting South Africa's Just Energy Transition (JET) through the KFW Development Bank (KFW). The National Treasury on Monday said this KFW loan, which forms part of the country's third Development Policy Operation, signified a continued commitment to structural reforms crucial for enhancing the efficiency, resilience, and sustainability of the country's infrastructure, particularly within the energy sector. The loan agreement, signed in the presence of prominent stakeholders including the World Bank, the African Development Bank, the Japan International Cooperation Agency, and the OPEC Fund, builds on two previous policy loans concluded in 2022 and 2023. Altogether, these initiatives represent Germany's pledge made at the COP26 summit to aid South Africa's Just Energy Transition Partnership, which is designed to combat climate change while supporting the country's socio-economic development. On Monday, Finance Minister Enoch Godongwana underscored the significance of this partnership, pointing out that the collaboration with Germany and KFW was vital for advancing the nation's development agenda. Godongwana said this loan was a significant step towards strengthening short- and medium-term energy security measures, promoting decarbonisation, and ultimately realising inclusive economic growth through job creation for disadvantaged communities. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading He further emphasised the need for ongoing policy and institutional reforms in the energy sector, adding that he believed that creating an enabling environment was essential to attract the necessary investments for a successful and just energy transition. Echoing these sentiments, Cornelia Tittmann, KFW's country director for South Africa, expressed optimism about the potential impacts of the loan. Tittmann said this financial assistance sought to support the South African government's commitment to energy sector reforms, which will facilitate the country's climate obligations and engage the private sector, thus opening new avenues for economic cooperation between Germany and South Africa. KFW's financing, which totals €1.3bn over three policy loans, is a cornerstone of the broader efforts to implement structural reforms. These goals include strengthening public institutions, catalysing private investments, and improving service delivery across key sectors in the South African economy. Tittmann specifically acknowledged the leadership of the National Treasury in coordinating this operation, highlighting the strengths of a collaborative approach over the past four years. According to Treasury, the financial terms of the new loan are notably favourable, featuring a nominal value of €500m, with a maturity of 13 years and a three-year grace period, alongside a fixed interest rate of 4.31%. The KFW loan also comes after South Africa last week inked a 15-year, R8.4bn loan agreement with the African Development Bank in a bid to bolster its energy transition efforts. This financing is part of the third Development Policy Operation and comes with collaboration from key international players including the World Bank, KFW, Japan International Cooperation Agency, and the Organization of the Petroleum Exporting Countries Fund for International Development (OPEC Fund). In November 2024, Agence Française de Développement (AFD) also finalised a landmark R7.6bn loan to drive South Africa's Just Energy Transition Plan (JETP). This loan builds on the €300 million (R5.7bn) public policy loan provided in 2022, bringing France's total contribution to the JETP to €700m of the €1bn pledged at COP26 in Glasgow. BUSINESS REPORT
News18
3 days ago
- General
- News18
World Nature Conservation Day 2025: This One Lifestyle Habit Could Help You Save The Earth
Last Updated: World Nature Conservation Day 2025 on July 28 urges global efforts for nature preservation. Discover India's green initiatives, powerful quotes, and how to get involved. World Nature Conservation Day 2025: The World Nature Conservation Day is observed annually on July 28, highlighting the need to preserve the planet, its natural resources and biodiversity. The day is celebrated to raise awareness about environmental issues and promote efforts to safeguard nature and its precious offerings with sustainable practices. As the threat to the environment increases amidst rising climate change, deforestation and pollution levels, World Nature Conservation Day underlines why protecting nature is essential for human beings' survival. World Nature Conservation Day 2025: History While the exact origin of the day is not clear, it is understood that World Nature Conservation Day gained prominence in the early 1970s with the rise of global environmental awareness practices and many nature conservation efforts. It has been celebrated across the world for several years, promoting awareness and efforts to protect nature from an increasing set of threats, including weather fluctuations, climate upheaval, natural disasters, deforestation, pollution and loss of biodiversity. Campaigns, workshops and various green activities are conducted across the globe to mark the celebrations for the World Nature Conservation Day, inspiring everyone to take time out from their busy lifestyles for nature conservation and save the resources provided by Mother Earth. In India, the Indian government has carried out key initiatives for environmental protection, including the National Mission for Green India (GIM), which focuses on safeguarding and sustaining India's dense forests that feature a host of species that deserve our care and attention. It also helps revive degraded forests in the country. Namami Gange Mission is another valuable government initiative for nature conservation, helping clean and rejuvenate the great Ganga River. It is an effort to address the rise of pollution levels inside it and protect the wetlands along the river. Under LiFE, people are encouraged to inculcate good habits to preserve nature and its ecosystem in their regular lifestyles, including no single-use plastic usage, saving water, reducing electricity consumption and recycling waste. One Lifestyle Change India Wants Everyone to Make Lifestyle for Environment (LiFE) is part of the Indian government's broader push towards environmental protection and biodiversity. It's a concept introduced by Prime Minister Narendra Modi at COP26 in Glasgow on 1st November 2021. World Nature Conservation Day 2025: Quotes 'Earth provides enough to satisfy every man's needs, but not every man's greed" – Mahatma Gandhi 'Look deep into nature, and then you will understand everything better" – Albert Einstein 'When one tugs at a single thing in nature, he finds it attached to the rest of the world" – John Muir 'Forests are the lungs of our land, purifying the air and giving fresh strength to our people" – Franklin D. Roosevelt. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Scroll.in
6 days ago
- Business
- Scroll.in
50% of India's energy is from non-fossil fuel sources, five years ahead of target: Centre
ia has achieved 50% of its installed power capacity from non-fossil fuel sources, five years ahead of target set in the Nationally Determined Contributions, the government of India announced on July 14. As of June 30, India's total installed electricity capacity was 484.82 gigawatts, comprising 242.04 GW (49.9%) from thermal energy sources and 242.78 GW (50.1%) from non-fossil sources, including renewables, large hydro and nuclear power. At the COP26 climate conference in 2021, India had announced its goal of achieving 50% of its cumulative electricity capacity from non-fossil fuel resources by 2030, under its Nationally Determined Contributions targets. Other goals include installing 500 gigawatts of non-fossil electricity capacity, reducing projected carbon emissions by one billion tonnes, and reducing the emissions intensity of its gross domestic product by 45%, also by 2030. In response to the announcement of achieving 50% capacity through non-fossil fuel sources, Prime Minister Narendra Modi wrote on the social media platform X (formerly Twitter), 'This illustrates India's commitment and efforts towards building a green and sustainable future.' The press release announcing the achievement lists government schemes that have played a role in achieving the 50% goal. 'This achievement reflects the success of visionary policy design, bold implementation, and the country's deep commitment to equity and climate responsibility. Flagship programmes such as PM-KUSUM, PM Surya Ghar: Muft Bijli Yojana, solar park development, and the National Wind-Solar Hybrid Policy have laid a strong foundation for this transformation,' it said. The press release noted that these initiatives have not only helped in decarbonising energy sector but have also delivered widespread co-benefits which include enhanced energy access, employment generation, reduced air pollution and better public health outcomes. It also underlined India's low per capita energy consumption and its relatively limited contribution to global emissions. 'Despite having one of the lowest per capita emissions globally, India remains among the few G20 countries that are on track to meet – or even exceed – their NDC commitments,' the release said. 'The next phase of India's energy transition must prioritise quality, equity, and resilience in clean energy access. Key focus areas include doubling per capita clean electricity consumption,' according to the press release. India is supposed to submit its new and more ambitious Nationally Determined Contributions in 2025.
Time of India
6 days ago
- Politics
- Time of India
PM Modi lands in UK; focus on free trade agreement: What's on his agenda?
NEW DELHI: Prime Minister Narendra Modi on Wednesday landed in London for a two-day visit to the United Kingdom, marking the first leg of his two-nation tour. The Prime Minister was received a warm welcome from the members of Indian community in London. Tired of too many ads? go ad free now PM Modi expressed gratitude for the enthusiastic reception by the Indian community during his visit, calling their affection and commitment to India's progress "truly heartening." "Touched by the warm welcome from the Indian community in the UK. Their affection and passion towards India's progress is truly heartening," PM Modi said in a social media post on X. What's on the agenda? Free Trade Agreement The Prime Minister will meet his counterpart Keir Starmer and other key leaders to discuss several issues, including the Free Trade Agreement between the two countries. In his departure statement, PM Modi said that India and the UK share a Comprehensive Strategic Partnership that has seen significant progress in recent years. "Our collaboration spans a wide range of sectors, including trade, investment, technology, innovation, defence, education, research, sustainability, health, and people-to-people ties," he said. Extradition of Lalit Modi, Nirav Modi, and Vijay Mallya According to foreign secretary Vikram Misri, PM Modi will push for the extradition of Vijay Mallya, Lalit Modi, and Nirav Modi — all of whom face financial charges in India and are currently residing in the UK. "There are a few questions related to fugitives from Indian law and Indian justice in the UK. These have been a matter of discussion between both sides, and we have continued to make the case for these fugitives to be returned to India," Misri said. "Obviously, there is a legal process that such requests and issues go through in the other country, and we continue to follow up very closely with our partners in the UK on these matters," he added. Tired of too many ads? go ad free now Presence of Khalistani groups The foreign secretary said the Prime Minister will also raise the issue of the presence of Khalistani groups. India has flagged this concern with British officials in the past and will continue to do so. Misri said that this issue affects not only India but also social stability in the UK. "The issue of the presence of Khalistani extremists and bodies close to these people is, again, something that we have brought to the attention of our partners in the UK. We will continue to do so," he said. "This is a matter of concern not only to us but should also be a concern to our partners, because it impacts social cohesion and social order in these countries as well," he added. During his visit, PM Modi is also expected to meet King Charles III and hold discussions with business leaders from both countries. This marks the Prime Minister's fourth visit to the United Kingdom since assuming office. He previously visited in 2015 and 2018, and again in 2021 for the COP26 summit in Glasgow. Within the past year alone, Prime Minister Modi and Prime Minister Starmer have met twice — first on the sidelines of the G20 Summit in Rio de Janeiro, and more recently, last month in June, in Kananaskis, Canada, during the G7 Summit.
