Government agreed to close polluting plants in climate pact.
South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5 billion in climate finance, an agency in President Cyril Ramaphosa’s office said.
If the proposal is accepted, South Africa will secure $500 million of 10- to 30-year loans with an interest rate of less than 1% and a grace period of eight years from the World Bank-affiliated CIF, Cole said in an interview. Revised schedule South Africa will propose closing Eskom’s Camden, Grootvlei, and Hendrina power plants between 2027 and 2030 instead of the prior schedule of 2023 to 2027. In addition, to meet an annual emission-reduction target of 50 million to 71 million tons of carbon dioxide equivalent required by the CIF, the Presidency is in talks with Eskom to close a number of units at other power plants. That number has yet to be decided. Eskom didn’t respond to a request for comment.
Once the CIF hurdle has been cleared, it will be decided which South African entities will borrow the money.
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