Rich nations to fund 80% of South Africa’s climate plan with loans, some hard to unlock

ABOUT 80% of the-billions of dollars pledged by rich nations for South Africa’s shift away from coal will be loans, not grants, and some may be hard to unlock due to national rules protecting domestic jobs, an official familiar with the matter said.

Last year the United States, European Union, Britain, France and Germany committed to investing $8.5-billion over three to five years to help South Africa reduce its carbon emissions, which are among the world’s highest because it depends on coal for 80% of its electricity.

The plan is meant to help the country shut down polluting smokestacks and coal mines and re-purpose their locations for solar panels and wind farms – and eventually electric vehicle and green hydrogen production.

This would create jobs that will help compensate for hundreds of thousands that would be lost in the coal sector.

If successful, it could be a model for other