A Landmark $8.5 Billion Climate Finance Deal Hangs in the Balance
South Africa’s plan to transition away from coal is bogged down in negotiations with rich donor nations ahead of key climate talks
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A landmark $8.5 billion deal to help wean South Africa off its dependence on coal is hanging in the balance amid fraught negotiations with rich donor countries over how the funds should be spent.
The climate finance deal, unveiled at UN-led talks in Glasgow last year, was hailed as a prototype for helping other coal-dependent developing countries transition to cleaner energy sources. Its success or failure could have a knock-on effect at next month’s COP27 summit in Egypt, which is expected to focus on the financing needs of poorer countries adapting to a warming atmosphere.