Bloomberg Law
Oct. 20, 2022, 3:02 PM

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

Antony Sguazzin
Antony Sguazzin
Bloomberg News

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 ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.