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COP26: South Africa to receive $8.5bn to stop using coal

By Jaysim Hanspal
Posted on Wednesday, 10 November 2021 11:52

COP26 in Glasgow
Extinction Rebellion activists hold a banner during a protest outside the venue of the UN Climate Change Conference (COP26), in Glasgow, Scotland, Britain, November 8, 2021. REUTERS/Hannah McKay

In a revolutionary climate agreement, South Africa will receive $8.5bn from the US and European powers to help the country stop its coal usage. 

The country, which has traditionally been heavily reliant on fossil fuels, will receive the financial package over a ‘three-to-five-year period’.

South Africa now aims to decommission 34GW of coal-fired power capacity by 2030. It is predicted to account for roughly 40% of all new solar generation commissioned on the continent by the same year. The funds from the United States, France, Germany, and the UK will work alongside its Renewable Energy IPP Procurement Programme.

Coal power currently accounts for about 90% of the country’s electricity and is the single largest contributor to climate change.