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Green Finance of $8.5 Billion for South Africa a Partial Start

  • Rich nations to provide funds to South Africa to exit coal
  • Risk of finding sufficient financing for energy transition

Rich nations pledged to provide $8.5 billion to help South Africa reduce dependence on coal and lower emissions, an amount that’s just “a mere fraction” of what the continent’s most-industrialized nation needs, according to Eurasia Group. 

Switching to renewables and clean energy sources from the fossil fuel will cost much more, with estimates of as much as $100 billion, Shridaran Pillay, Africa director at the risk advisory service, wrote in a note.