Further negotiations are taking place over how the guarantee will work, with some of it to apply to debt provided by the African Development Bank, said people familiar with the matter, asking not to be identified as the talks aren’t public.
That deal – which those countries have previously said would consist of concessional loans and grants – is seen as a prototype for other coal-dependent nations such as Indonesia to cut their greenhouse gas emissions. South Africa, which depends on coal for more than 80% of its power generation, is the world’s 13th-biggest producer of the climate warming gases.
It’s not clear what proportion of the UK’s contribution to the COP26 climate finance deal the guarantee will comprise, the people familiar said.
Why?
UK to move our country from coal? Is that their coal?
What is R600m going to achieve?
Hooray! Another opportunity for Captured Capital
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