Rich nations to fund 80% of SA's climate plan with loan s to fund 80% of SA's climate plan with loans, some hard to unlock

BUSINESS

Last year the US, the EU, the UK, France and Germany committed to investing $8.5 billion (R145 billion) over three to five years to help South Africa reduce its carbon emissions, which are among the world’s highest. The country depends on coal for 80% of its electricity.

The plan is meant to help South Africa shut down polluting coal-fired power stations and coal mines, and repurpose their locations for solar panels and wind farms – and eventually electric vehicle and green hydrogen production.