Wholesale to Retail: South Africa's Energy Capital After JETP

How the collapse of South Africa's energy transition financing shifted bankability from a programme-level guarantee to a deal-by-deal problem In 2021, the G7 and the European Union pledged $13.8 billion to South Africa's Just Energy Transition Partnership (JETP). The capital mattered, but the larger purpose was to solve bankability at scale. One framework carried multilateral political capital, de-risked the sector for private finance, and placed Eskom, the state utility, at the centre as the s