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10mo ago

South Africa Secures $2.4 Billion for Climate Transition

National Treasury anticipates significant funding this year from international climate pact to shift away from coal dependency.

The Hendrina coal-powered power station, operated by Eskom Holdings SOC Ltd., in Middelburg, South Africa, on Tuesday, Dec. 26, 2023. Coal-fired power plants operated by South Africa's state utility are emitting pollutants that primarily cause respiratory diseases such as asthma at almost 42 times the intensity of those in China.

Overview

  • The Just Energy Transition Partnership has pledged a total of $9.3 billion to South Africa.
  • Procedural setbacks and internal disputes have delayed the implementation of the pact.
  • A central body is recommended to guide investment and raise additional funds for the energy transition.
  • South Africa relies on coal for 80% of its electricity, making it one of the most carbon-intensive economies.
  • The new funding aims to support renewable energy projects and provide alternative livelihoods for coal-dependent communities.