South Africa Backs Plan Key to $8.5 Billion Funding Deal (1)

South Africa’s cabinet endorsed an investment plan to help the country transition away from the use of coal, a key step in securing $8.5 billion in climate finance on offer from the world’s richest nations.

The plan envisages the closure and re-purposing of coal-fired power plants owned by Eskom Holdings SOC Ltd., the state power utility, so additional renewable energy can be produced. It also covers expanding the transmission grid and fostering the development of electric-vehicle and green hydrogen industries.

The endorsement, announced in a statement on Thursday, indicates that opposition to the deal from some government officials, including ...