"South Africa\u2019s $8.5 billion climate pact hit by further delays"

" South Africa\u2019s $8.5 billion climate pact hit by further delays \r\n\r\nSouth Africa\u2019s government will need another two to three months to complete an energy transition implementation plan, further delaying the flow of funds from an $8.5 billion climate finance agreement with some of the world\u2019s richest countries.\r\n\r\nMore work needs to be done on how to re-skill workers from coal-dependent communities as coal-fired plants gradually close down, said Joanne Yawitch, head of the project management unit for the pact within the South African presidency.\r\n\r\nYawitch, who spoke at a Presidential Climate Commission event in Johannesburg on Tuesday, said a government decision that state utility Eskom Holdings SOC Ltd. would be limited in its ability to take on further loans and government debt guarantees had complicated matters.\r\n\r\n\u201cThere are significant challenges on loan finance,\u201d she said. That moratorium \u201cimpacts on what was in the investment plan,\u201d she said.\r\n\r\nFrance, Germany, the US, UK and European Union offered the finance to help South Africa transition away from coal, which is currently the source of more than 80% of South Africa\u2019s power. The so-called Just Energy Transition Partnership, a prototype for similar agreements with Indonesia and Vietnam, has been beset by political infighting and lobbying from businesses that profit from the use of coal.\r\n\r\nThe government had earlier said the implementation plan would be ready in March and later in August.\r\n\r\nUnder the work done so far the Presidential Climate Commission has recommended that the government\u2019s Development Bank of Southern Africa be appointed to run the Just Transition Financing Mechanism. The DBSA would oversee the allocation of funds to energy transition projects.\r\n\r\nAn initial investment plan drawn up by the commission estimated that South Africa will need 1.5 trillion rand ($79 billion) over five years to begin transitioning its economy away from coal."

"South Africa\u2019s $8.5 billion climate pact hit by further delays"

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