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Rich nations add to SA climate loan
November 11, 2024
|The Citizen
The head of France's state development bank expects other development finance institutions to add to a €400 million (about R7.5 billion) climate loan for South Africa that partners will likely sign within days.
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The funds are part of a $9.3 billion (about R172 billion) climate-finance pact agreed between SA and some of the world's richest countries in 2021 to help cut its reliance on coal, which accounts for four-fifths of its electricity generation.
Germany's KfW development bank matched a €300 million loan by France's Agence Francaise de Developpement (AFD) made in 2022 as part of the Just Energy Transition Partnership (JETP).
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