The New Development Bank (NDB) has approved $2.3 billion in loans to fund 10 renewable energy projects across various technologies, including solar PV, onshore and offshore wind, hydropower, biomass, and hybrid systems with storage. These projects aim to install a total generation capacity of 2.8 GW, which is expected to prevent more than 4 million tons of CO2 emissions annually.

At the NDB’s Ninth Annual Meeting in Cape Town, themed "Investing in a Sustainable Future," the bank reaffirmed its commitment to global sustainable development through green financing. Notably, the bank provided a $180 million loan to Eskom, South Africa’s electricity utility, to help integrate 670 MW of renewable energy into the national grid. This project, approved in 2016, contributes to reducing South Africa's dependence on fossil fuels and aligns with its Integrated Resource Plan 2019, which sets ambitious renewable energy goals for 2030.

Additionally, NDB’s support of renewable projects, such as the $300 million loan for the Greenhouse Gas Emissions Reduction and Energy Sector Development Project, underscores South Africa's goal to cut greenhouse gas emissions by 42% by 2025, as part of the country’s Paris Agreement commitments.

The NDB is also actively involved in South Africa’s Just Energy Transition Partnership (JETP), pledging $3 billion over the next five years to support the decarbonization of the economy while ensuring a fair transition for affected communities.

Sources: msn.com