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 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.
A landmark R151.40bn climate finance deal hangs in the balance She also said they will need to be recapitalised to enable the quantum of spending that will be needed to transition to a lower carbon future. “You’ve got to actually say what is this transition going to cost,” said Creecy. “If we think that the only source of finance that will be available to all of us is going to be what’s in the climate funds, it’s not going to be enough.
I wonder how happy Gwede is about this?