By Nneka Nwogwugwu
Envoys from some of the world’s richest nations met with South African cabinet ministers on Tuesday to discuss a climate deal that could channel almost $5 billion toward ending the country’s dependence on coal.
That funding would be comprised mainly of loans, along with some grants, according to a person familiar with the discussions, who asked not to be identified as the matter isn’t yet public.
The delegation is trying to hammer out an agreement that can be announced at the COP26 climate talks, which start in Glasgow, Scotland on Oct. 31.
The discussions with South Africa — the world’s 12th-biggest emitter of greenhouse gases — include representatives from the U.S., U.K., Germany, France and the European Union. The delegation was led by the U.K.’s COP26 envoy John Murton.
“We need certainty and predictability of the quantum of financing available to us, to accelerate this transition,” South Africa’s environment department said in a statement on Wednesday. “We do need an irrevocable agreement that we can sign at COP26 where our commitments, as all parties, are clear.”
While South Africa is under pressure to cut its dependence on coal which accounts for more than 80% of its power generation, it needs finance to facilitate the transition to cleaner energy.
Developed nations may also need to find a way to address the challenges faced by South Africa’s state-owned power utility, which is burdened by 400 billion rand ($27 billion) of debt.
