approved a $1 billion loan for South Africa on Wednesday to help it address an energy crisis that has peaked this year with the country’s worst electricity blackouts. The energy problem has forced the country to lean on its highly pollutingSouth Africa has experienced scheduled, rolling blackouts for months because of problems generating enough electricity for its 62 million people.
South Africa’s commitment to its climate change targets are in danger of being affected in the short term, with President Cyril Ramaphosa“The loan endorses a significant and strategic response to South Africa’s ongoing energy crisis, and the country’s goal of transitioning to a just and low carbon economy,” the World Bank said.
The South African government has said it needs nearly $80 billion over the next five years to fund its transition to greener energy sources. It has already received a $439.5 million loan from the World Bank to help convert a former power station into a renewable energy provider. The Komati power station was decommissioned last year, butof how developing countries desperately need money to finance their change to greener energy sources to help meet climate change goals.
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