South Africa’s Plan to Exit Coal Offers Template for Green Shift
- Donors formally agree to $8.5 billion investment plan at COP27
- The partnership is seen as blueprint for India, Indonesia
Freight wagons transport coal in Mpumalanga, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
South Africa and its investment partners launched an $8.5 billion plan to shift from coal toward green energy at the COP27 climate summit, in a potentially landmark deal for the transition away from fossil fuels.
The Just Energy Transition Plan -- backed by the UK, US, France, Germany and the European Union -- is seen as a blueprint for other coal-dependent developing nations to cut greenhouse gas emissions. The plan for South Africa envisages 90% of the funds being used to decommission coal-fired power plants in tandem with developing renewable energy generation and strengthening grid infrastructure.