South Africa Plan Paves Way for $80 Billion Energy Transition
- Climate finance to be tracked, funders matched to projects
- Green steel and ammonia projects are targeted for investment
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An $80 billion South African investment plan to begin transitioning the economy away from fossil fuels over five years sets out how billions of dollars in climate finance will be tracked and details potential investments.
They include ArcelorMittal SA’s plan to make steel on the country’s west coast using green hydrogen produced by Mainstream Renewable Power in a project worth as much as 69.2 billion rand ($3.7 billion), and Hive Energy’s 100 billion-rand green ammonia facility at the southern port of Coega.