So much more needs to be funded than just building renewable energy plants, writes Melissa Fourie
Melissa Fourie
So how will this climate deal work? The political declaration on Tuesday provides for a task force to develop a programme of work over the next 12 months — and here is where we run into the devil in the detail. Many questions still need to be answered. Second, what will SA have to deliver, with what terms and time frames? Given that donor countries are hoping to achieve big greenhouse emission reductions with this deal, and that the climate crisis is intensifying, this finance must be conditional upon the retirement and reduced utilisation of Eskom’s coal power stations. This must be at a pace and scope that allow SA to at least meet the lower bound of its nationally determined contribution.
The crisis caused by the paralysing burden of Eskom’s debt, which doesn’t appear to be addressed by this deal, is stifling any efforts to manage the transition. Eskom simply is unable to raise loan finance at an affordable rate to build the renewables and upgrade the transmission infrastructure crucial for connecting what will hopefully soon be a fast-growing renewable energy fleet.
Beyond that, our ecological infrastructure in coal areas, so burdened by coal mining and power generation, needs urgent attention. Without proper closure of coal mines and rehabilitation of coal mining areas, these areas are in effect sterilised for other local development, and hugely detrimental for our climate resilience, water and food security.be used for? One, more fossil fuels. We cannot accept climate finance and still approve new coal and gas projects that further harm the climate.
Fourth, who will be responsible and accountable for these funds? Eskom, needless to say, has a history of capture and corruption that does not instil confidence. If our public finance institutions, such as the Development Bank of Southern Africa and the Industrial Development Corporation, are going to be roped in, we need far greater commitment and delivery on transparency than we have seen in the past from these institutions.
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