CURRENT AFFAIRS

Detailed explanation-1: -The $20 billion agreement was announced on the sidelines of the Group of 20 summit in Bali, Indonesia. Called a Just Energy Transition Partnership, or JETP, it is meant to help developing countries reduce their reliance on fossil fuels such as coal and gas that cause carbon emissions that contribute to climate change.

Detailed explanation-2: -The first such JETP emerged from COP 26 in Glasgow, when South Africa was promised USD 8.5 billion in financing by France, Germany, the United Kingdom, the United States, and the European Union. A second tranche of countries announced as partners in the JETP approach included India, Indonesia, Vietnam, and Senegal.

Detailed explanation-3: -The JETP is a new model for international cooperation on country-specific efforts to combat climate change. The JETP model combines public and private investments to assist with climate financing for developing countries, particularly to transition energy generation away from fossil fuels.

Detailed explanation-4: -Eskom’s Just Energy Transition (JET) Office was established earlier in 2020 and has made significant strides to progress the evolution for transition towards a cleaner and greener energy future. JET’s vision focuses on achieving “Net Zero” carbon emissions by 2050, with an increase in sustainable jobs.

Detailed explanation-5: -Sustainable energy transitions require formulation of effective policies that promote the biomass resources, increased use of renewable and low carbon sources and penalize as well as discourage the use of fossil fuels and unsustainable natural resource use.