"South Africa to use bulk of $8.5bn climate funding for electricity"

" South Africa to use bulk of $8.5bn climate funding for electricity \r\n\r\nSouth Africa\u2019s government will utilize 90% of an $8.5 billion climate-finance package that wealthy nations offered it to transition to cleaner energy to bolster its power supply, according to an investment plan released on Friday.\r\n\r\nThe funding deal, pledged by the US, UK, the European Union, Germany and France, was unveiled at last year\u2019s United Nations-led climate talks in Glasgow, and details will be finalized at the\u00a0 COP27 meeting \u00a0in Egypt next week.\r\n\r\nSouth Africa envisions $7.65 billion being invested in electricity generation and transmission, $700 million in developing green hydrogen projects and $200 million in an electric-vehicle industry over the next five years. The bulk of the funding will be in the form of loans, the plan showed.\r\n\r\nThe package \u201cis not sufficient to meet the scale of our ambition going to COP27. That is the message we will be taking forward,\u201d President Cyril Ramaphosa said in a webcast address. \u201cOur plan can really only be fully and properly executed if there is more grant funding and funding made available in concessional loans and investment packages,\u201d and developed nations are open to South Africa\u2019s request to make more money available, he said.\r\n\r\nSouth Africa is the world\u2019s 13th-biggest source of greenhouse-gas emissions. The climate-finance package is key to closing many of the nation\u2019s old and malfunctioning coal-fired plants and replacing them with renewable sources.\r\n\r\nThe so-called\u00a0 Just Energy Transition Partnership is expected to serve as a prototype for similar deals with coal-dependent, developing nations such as Vietnam, Indonesia and India.\r\n\r\nSouth Africa expects the climate-finance package to attract significant additional capital to help it transition away from using coal to generate electricity, according to Daniel Mminele, the head of the government\u2019s climate-finance task team."

"South Africa to use bulk of $8.5bn climate funding for electricity"

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