The European Union (EU) is to invest €4.4bn in South Africa’s clean energy industry as part of a global gateway investment package.
South Africa becomes the first country to sign such an agreement with Europe. It will focus on investment, the clean energy transition, skills, technology, and developing strategic industries along the entire supply chains. The energy funding would come from European financial institutions. The overall package totals €4.7bn which includes €303m in EU grants.
European Commission President Ursula von der Leyen said it has started negotiations on the first Clean Trade and Investment Partnership. Trade between South Africa and EU totals €50bn today.
“Take the clean hydrogen value chain,” she said. “South Africa has everything to become a global leader: You have clean energy in abundance, from wind to sun. You have raw materials that are critical for electrolysers, including 91% of the world’s platinum group metal reserves. And you have a rising industry to produce clean hydrogen and strong export ambitions.
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