S. Africa seeks cabinet approval for $8.5 billion climate plan to curb coal use
South Africa’s government will seek cabinet approval for an $8.5 billion plan to transition away from the use of coal to generate electricity in order to secure funding from some of the world’s richest nation.
A second draft of the investment plan has been completed and is being shared with “key stakeholders” ahead of its submission to cabinet, said Vincent Magwenya, a spokesman for South African President Cyril Ramaphosa.
The development marks a significant step toward completing the pact with the funding partners — the UK, US, Germany, France and the European Union — which was first announced at the COP26 international climate summit in Glasgow last year.
