South Africa Negotiating More Funds for Green Finance

South Africa Negotiating More Funds for Green Finance (News Central TV)

South Africa, having secured $8.5 billion in climate finance from some of the world’s richest countries, is in talks with additional nations to help it cut reliance on coal, Environment Minister Barbara Creecy said.

The minister said the climate finance which is being provided by the US, UK, Germany, France and the European Union as part of a Just Energy Transition Partnership – has been hailed as a prototype for deals to wean other coal-dependent developing nations off the dirtiest fossil fuel. Still, it’s a fraction of the R1.5 trillion the country has estimated it needs for its plan to move away from coal over the next five years.

Your Friends Also Read:  U.S. to Send $800 Million in Weapons, Military Aid to Ukraine
South Africa Negotiating More Funds for Green Finance (News Central TV)

With more than 80% of its electricity coming from a fleet of mainly dilapidated coal-fired power plants and regular rolling blackouts because the state power utility, Eskom, can’t meet demand, the country is in dire need of investment in its electricity sector.

Climate finance refers to local, national or transnational financing that is drawn from public, private and alternative sources of financing for the mitigation and adaptation actions to address climate change.

In addition to electricity, South Africa, as part of its coal transition plan, is trying to boost investment in its nascent electric vehicle and green hydrogen industries.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Equity Bank Kenya Partners Tanzania’s Payment Processing Startup NALA



Leave a Reply

Previous Article

Burkina Faso Recruits 30,000 New Army Volunteers to Fight Terror

Next Article

M23 Rebels Ask For ‘Direct’ Talks With DR Congo Government

Related Posts
Powered by Live Score & Live Score App