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The South African government wants access to .5 billion money for climate finance

The South African government wants access by early 2023 to some of the $ 8.5 billion in climate finance pledged by some of the richest countries in the world, said the head of its negotiating team.

“That is what we intend to do and work towards,” Daniel Mminele, a former central bank governor appointed in February to lead the talks for South Africa, said in a text message on Thursday.

The possible funding, which will be made available in three to five years, was announced at the COP26 climate talks in Glasgow in November. Under the scheme, the US, the United Kingdom, Germany, France and the European Union plan to provide funding to help the country reduce the use of coal, which is used to generate more than 80% of its electricity.

South Africa, the world’s 13th largest source of greenhouse gases, will have to spend $ 250 billion over the next three decades to finance the closure of coal-fired power plants and the development of replacement green energy such as wind and solar, according to a study released in May.


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The South African government wants access to .5 billion money for climate finance

Source link The South African government wants access to .5 billion money for climate finance

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