{"id":32163,"date":"2023-01-17T23:52:56","date_gmt":"2023-01-17T23:52:56","guid":{"rendered":"https:\/\/energytracker.asia\/?p=32163"},"modified":"2023-01-17T23:52:59","modified_gmt":"2023-01-17T23:52:59","slug":"what-are-just-energy-transition-partnerships","status":"publish","type":"post","link":"https:\/\/energytracker.asia\/what-are-just-energy-transition-partnerships\/","title":{"rendered":"What Are Just Energy Transition Partnerships?"},"content":{"rendered":"
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If you are tuned into the environmental finance space, you may have heard the acronym \u201cJETP\u201d flying around. Just Energy Transition Partnerships, or JETPs, are a relatively new concept. Many people are asking the same basic question: What is a JETP?<\/p>\n\n\n\n

What is the Just Energy Transition Partnership (JETP)?<\/strong><\/h2>\n\n\n\n

Just Energy Transition Partnerships are a new form of green financing focusing on creating a just energy transition<\/a>. This means financing<\/a> the energy transitions but doing so with social and economic impacts in mind. This includes supporting people impacted by climate change, creating local opportunities and ensuring no one is left behind.<\/p>\n\n\n\n

The International Institute for Sustainable Development (IISD) outlines<\/a> a just transition approach “ensures that the affected people are considered by those making decisions\u201d.<\/p>\n\n\n\n

In the past, major transitions, such as industrialisation and automation, let major entities thrive but led to negative impacts for the majority. Due to these transitions, job losses, economic hardship and relocation have increased the wealth gap and damaged social systems.<\/p>\n\n\n\n

Therefore, a just transition aims to prevent these problems in the ongoing transition to renewable energy.<\/p>\n\n\n\n

COP26: The First Just Energy Transition Partnership<\/strong><\/h2>\n\n\n\n

The first Just Energy Transition Partnership came during COP26<\/a>, with France, Germany, the United Kingdom, the United States, and the European Union promising financing to South Africa<\/a>. In total, these countries promised USD 8.5 billion to South Africa. The countries will provide this funding over the next three to five years to help the country decarbonise its economy and transition to renewables.<\/p>\n\n\n\n

This falls in line with the general goals of Just Energy Transition Partnerships. The JETP framework exists to help underfunded, coal sector reliant emerging economies shift away from fossil fuels. As the transition takes place, it will address the social issues that arise.<\/p>\n\n\n\n

In the case of South Africa, the JETP will focus on helping the country tackle its long-term agenda of reducing unemployment through economic growth and job creation. Additionally, it will aim to improve local livelihoods and ensure that the benefits and risks of the transition are shared across the country.<\/p>\n\n\n\n

\"Principals
Source: Project 90 By 2030<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

As this is the first JETP, the world is watching to see its successful implementation. As a result, South Africa and the JETP committee are providing annual updates. At COP27, the committee released<\/a> the Just Energy Transition Investment Plan.<\/p>\n\n\n\n

The Just Energy Transition Partnership funding will go toward a variety of projects. A few main investment targets include:<\/p>\n\n\n\n