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Climate Politics

Germany, France in Climate Deal Loan Talks With South Africa

  • Countries offering about 600 million euros in loans for Eskom
  • Talks indicate fractured nature of $8.5 billion funding offer
Updated on

Germany and France are in talks with South Africa’s National Treasury over about 600 million euros ($578 million) to help it transition away from the use of coal.

The loans may form the first part of $8.5 billion in financing offered to the country during last November’s global climate summit. The money will go some way toward addressing the funding needs of the beleaguered national power utility, Eskom Holdings SOC Ltd., as it prepares to close down some of its coal-fired plants and re-purpose them for the production of green energy.