SOUTH Africa, the world’s thirteenth-biggest source of greenhouse gases, will need to spend $250-billion over the next three decades closing down its coal-fired power plants and replacing them with green energy, according to a study.
In addition to closing down the country’s coal-fired plants and building wind and solar power plants, money will need to be spent compensating coal-dependent communities whose livelihoods are threatened by the change, The Blended Finance Taskforce and the Centre for Sustainability Transitions at Stellenbosch University said. Most of the money will need to come from the private sector, according to the study.
The estimate comes as South Africa, which relies on coal for more than 80% of its electricity, is in the process of negotiating $8.5-billion in climate grants and concessional loans with some of the world’s richest nations. The potential deal, announced at last year’s COP26 climate summit in Glasgow, envisages South Africa retiring some of its coal-fired power plants.
“The $8.5-billion pledge can be a catalyst to unlock this $25-billion,” researchers said
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