(Finance) – The US Treasury Secretary, Janet Yellenmet with local officials in the coal mining region of Mpumalanga on Friday South Africaensuring the support of United States in the country’s transition to energies renewable. Yellen said she will meet with private sector operators to discuss plans with them to support the massive project to phase out the use of combustible fossils.
The United States, Great Britain, France, Germany and the European Union supported the “Just Energy Transition Partnership” of South Africa, or JETP, at the end of 2021 with a total of $8.5 billion, but the total cost to the country could be ten times higher. “The $8.5 billion finance package is a substantial down payment,” Yellen said. “Primarily, it’s designed to mobilize additional money from the private sector and philanthropies, and I’ll be meeting with representatives from both groups later today,” he added.
“The US commitment to just energy transition is steadfast. That’s why the president Biden made a further commitment to President Ramaphosa’s 45 million dollars in grants to support South Africa’s efforts,” Yellen added. The Treasury Secretary met with both President Ramaphosa and the Energy Minister Gwede Mantashe.
The visit to South Africa is part of Yellen’s tour of the continent – she’s also expected in Senegal And Zambia – which aims to deepen the economic ties of the United States with the African continent and counter the long domination of China in the area.