The African Development Bank plans to help mobilize as much as $40 billion for coal-dependent South Africa’s transition to cleaner energy, part of a plan that it says won’t add to the country’s debt and could serve as a model for other nations.
The lender, which didn’t give details on how the money would be raised, has been meeting members of the Group of Seven rich nations -- which pledged $8.5 billion last year for the most industrialized country on the continent to move away from the dirtiest fossil fuel -- to raise additional resources, Akinwumi Adesina, the AfDB’s president, told reporters on Friday.
