Posted: Thursday, October 6, 2022 – 2:47 AM | Last Updated: Thursday, October 6, 2022 – 2:47 am
The South African government is seeking cabinet approval for an $8.5 billion plan to phase out coal in power generation in exchange for funding from wealthy nations.
A second draft of the investment plan has been finalized and is being shared with “major stakeholders” before being recommended to Cabinet, President Cyril Ramaphosa’s spokesman Vincent Maguinha said, Bloomberg News reported Wednesday.
The development represents an important step towards finalizing an agreement with funding partners UK, US, Germany, France and the EU. The plan was first announced at last year’s United Nations Climate Summit (COP26) in Glasgow.
Bloomberg previously reported that a new proposal sent to funding partners from the United Kingdom, the United States, France, Germany and the European Union is moving forward in a process marred by nearly a year of complicated negotiations.
South Africa’s landmark climate finance deal, unveiled during UN-led talks in Glasgow, Scotland, has been hailed as a model to help other coal-dependent developing countries transition to clean energy.
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