The European Union announced a significant $5 billion investment package for South Africa, focusing on green energy projects and vaccine manufacturing. This initiative aligns with the EU's Global Gateway Initiative aimed at mobilizing sustainable investment in Africa. The funding will facilitate a transition from fossil fuels to clean energy while supporting job security in affected communities. European Commission President Ursula von der Leyen emphasized the EU's commitment to long-term investment in South Africa, particularly in light of the recent withdrawal of US climate funding.
"We know that others are withdrawing, which signals our commitment to stay invested in South Africa's transition to green energy and support vaccine manufacturing."
"This partnership aims to ensure that South Africa's move from fossil fuels does not adversely affect job markets and communities reliant on coal production."
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