SA climate finance deal

SoUtH africa’s planned US$8,5 billion climate finance deal with some of the world’s richest nations could serve as a blueprint for other coal-dependent countries, the head of its negotiating team said. The potential funding, which will be made available over three to five years, was announced at the CoP26 climate talks in Glasgow in November. Under the arrangement, the United States, United Kingdom, Germany, France and European Union plan to provide finance to help the country cut its use of coal, which is used to generate more than 80% of its electricity. Daniel mminele, a former central banker who was appointed to head the talks for South africa in February, said in an interview in Bloomberg’s Johannesburg office on tuesday. We would like to see it “at best as a model or benchmark that can be emulated,” he said. — Bloomberg.