South Africa is risking a $9.3 billion climate finance pact by delaying the closing of a number of coal-fired power plants, a panel appointed by the country’s environment minister said. In an agreement known as the Just Energy Transition Partnership, South Africa won the bulk of the pledges from some of the world’s richest nations in loans, grants and guarantees in 2021. Eskom has said it has decided to postpone the decommissioning of three power plants — Grootvlei, Hendrina and Camden — until 2030. A unit in the South African presidency earlier this month made a presentation about the nation’s new plans to the World Bank-linked Climate Investment Funds, which is considering allocating $500 million to South Africa. South Africa generates about 80% of its electricity from coal and has the most carbon intensive economy of any of the Group of 20 nations, which compromises most of the world’s largest economies.

Source: The North Africa Journal June 25, 2024 09:27 UTC