Proposed $8.5bn deal designed to cut reliance on coal
Rich nations want SA to cut use of coal in electricity generation, and are funding the transition from coal. Picture: BLOOMBERG
The guarantees would enable SA or companies such as state power utility Eskom to borrow money needed to close down coal-fired power plants and enable the generation of renewable energy, one of the people said. The people asked not to be identified as the talks aren’t public. Concessional loans and grant funding would be included in the support, which was announced at the COP26 climate summit in 2021, and may be extended over the next three to five years. The deal is being funded by the US, the UK, Germany, France and the EU.
The offer appears to be the latest effort to avoid increasing the SA state’s liabilities. If successful, it may support efforts to stem the downward trend in the assessment of the country’s debt, which is rated below investment grade by the world’s three biggest ratings companies.
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