Stranded Assets
A Giant Coal Fleet Is the Quickest Way to Get Climate Funds
Rich countries are increasingly eager to help coal-dependent developing nations move away from dirty energy, but what about smaller climate-vulnerable nations who don’t have planet-endangering fossil fuel fleets?
Eskom’s coal-fired power station in Mpumalanga, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
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The pledge by some developed countries to provide $8.5 billion to help South Africa move away from coal is nowhere near the trillions needed to avoid the worst effects of climate change. It’s not even the full amount the nation’s struggling state utility Eskom needs to close its polluting plants, estimated at about $10 billion.