South Africa needs funds to shift from coal
- Oct 1, 2021 2:31 pm GMT
This month, the government adopted a more ambitious emissions reduction target of 350-420 Mt CO2e per year by 2030, weeks before the United Nations
The environment department cited repurposing retiring coal plants, investment in low-carbon power generation and grid infrastructure, and electric vehicle manufacturing as goals.
This week, consultancy Meridian Economics proposed a new funding model for the shift away from coal that it said could unlock billions of dollars of cheap financing.
It would involve the government taking out long-term debt, with the effective borrowing cost lowered either by wealthy nations guaranteeing the debt or
A portion of the money raised would be earmarked for a fund to support thousands of workers losing jobs in coal plants a political headache for a government that needs union support. -Nampa/Reuters
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