The European Investment Bank (EIB) and the Development Bank of Southern Africa (DBSA) announced an additional EUR 200 million in loans to fund renewable energy projects in South Africa. This is in addition to the EUR 400 million pledged during the COP27 summit to support independent power projects.

South Africa, heavily reliant on coal, has committed to accelerating its shift toward renewable energy. The EIB and DBSA will separately provide €100 million, focusing on solar and wind projects. These investments are expected to add 384 megawatts of green energy capacity.