October 18, 2021

Excellent Pix

Unlimited Technology

A R750-billion financing plan can help SA move forward with green energy

© Provided by 702

According to Meridian Economics, South Africa could save R100 billion by accelerating the closure of coal-fired power plants in exchange for low-interest loans to fund the transition to cleaner forms of electricity. To meet its Paris Agreement commitments to combat climate change, Africa’s most industrialized nation must reduce emissions because Eskom is in debt and the government’s own finances are stretched, the state power utility, which generates more than 90 percent of the nation’s power, primarily from coal, has little room to fund green energy projects.

Daily Maverick investigating climate change journalist Ethan van Diemen discussed why developed countries have an obligation to finance countries like South Africa and what this means for the country’s future.

The G4 and EU climate envoys are in the country ahead of the COP26 that will be held in Belgium in November, and there is no confirmation about the specifics of what outcome they envision from the discussions they are having with Eskom, but the idea is that they are here for the purpose of climate financing and to assist South Africa in the transition in accordance with their obligations.

Ethan van Diemen, climate change journalist – Daily Maverick

RELATED: Do we have the level of emissions that will justify debt forgiveness?

The developed and rich countries of the world reached an agreement at the COP26 in Switzerland, specifically developed countries have an obligation to finance the transition in developing countries.

Ethan van Diemen, climate change journalist – Daily Maverick

Listen to the full interview below…

Source News