South Africa wants to build electric cars using R128 billion of renewable funding

South Africa wants to spend billions of dollars fostering an electric vehicle industry, complicating efforts to finalize an $8.5 billion (R154-billion) climate aid package before next month’s United Nations climate summit.

The landmark funding plan unveiled at last year’s climate conference in Glasgow was meant to help South Africa wean itself off coal.

South Africa’s auto industry is one of its biggest earners of foreign exchange, but is under threat as Europe, the main market, encourages cleaner alternatives to traditional gasoline-fueled cars. The private sector and other rich nations and lenders are expected to provide more finance once the current deal is sealed.

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South Africa wants to build electric cars using R128 billion of renewable fundingSouth Africa wants to spend billions of dollars fostering an electric vehicle industry, complicating efforts to finalize an $8.5 billion (R154-billion) climate aid package before next month’s United Nations climate summit.
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