The European Union on Thursday announced a 4.7 billion euro investment pact with South Africa aimed in part at supporting the countrys just energy transition.
The EU funding was announced by European Commission President Ursula von der Leyen in Cape Town two days after the United States pulled out of an energy transition partnership with South Africa to which it had committed US1 billion.
Washingtons withdrawal reduced the total international JET pledges to the country to US12.8 billion.
The European agreement, called the EU-South Africa Global Gateway Investment package, has three focus areas supporting projects complementary to South Africas transition to a low-carbon economy, developing connectivity infrastructure and strengthening the countrys domestic pharmaceutical industry, specifically the development of vaccines.
Von der Leyen did not say what percentage of the funding would flow towards the first, only that it would be used for the development of critical minerals and green hydrogen value chains.