South Africa’s $8.5 billion energy transition plan is turning into a cautionary tale for other countries t.co/adM9gUPXke
— Bloomberg (@business) April 25, 2023
How 60 Million South Africans Are Being Failed by the West’s Green Ambitions
An $8.5 billion deal to finance South Africa’s transition away from coal is mired in politics and power cuts.It was meant to be the climate justice blueprint, the deal that showed how rich countries could help developing economies end their reliance on coal and go green. Almost 18 months on, South Africa’s $8.5 billion transition showpiece looks more like a cautionary tale.
Only one coal-fired power plant has been closed since the so-called Just Energy Transition Partnership was unveiled to great fanfare at the COP26 climate talks in Glasgow. Now, some South African politicians are pushing to keep others open longer than planned — potentially for years — as the country struggles to end daily blackouts that are angering voters and turning off foreign investors.
h/t dr0id