This archive report was first published on 3 November 2021.
At the COP26 climate summit in Glasgow, France, Germany, Britain, the US, and the European Union signed an accord with South Africa to facilitate a 'just transition' for the country's coal-dependent economy.
South African President Cyril Ramaphosa hailed the deal as a 'watershed moment', proof that ambitious climate action can be taken while increasing energy security, creating jobs, and attracting investment with support from developed economies.
The agreement, which includes a technical assistance component, focuses on transforming South Africa's electricity generation system.
Donors will provide initial funding of $8.5 billion (7.3 billion euros) over three to five years in the form of grants, concessional loans, investments, and risk-sharing instruments, including private sector involvement.
