South Africa’s cabinet has approved an investment plan to help the country move away from coal. The decision is a key step in raising $8.5 billion in funding from the richest countries in the world.
The plan calls for the closure and repurposing of coal-fired power plants owned by state-owned energy company Eskom so that additional renewable energy can be produced. It also covers expanding the data network and promoting the development of electric vehicles and the clean hydrogen industry.
South Africa is over 80% dependent on coal and the coal mines employ 90,000 people.
A just energy transition partnership involving developed countries is expected to serve as a blueprint for similar deals with coal-dependent developing countries such as Vietnam, Indonesia and India. Writes about it BusinessTech.