Steam rises at sunrise from the  Lethabo Power Station. Photo Reuters
Steam rises at sunrise from the Lethabo Power Station. Photo Reuters

South Africa negotiating more green finance

With new nations
South Africa is an attractive option for rich nations trying to maximize the impact of their investments in cutting carbon emissions.
Antony Sguazzin
South Africa, having secured US$8.5 billion in climate finance from some of the world’s richest countries, is in talks with additional nations to help it cut reliance on coal, Environment Minister Barbara Creecy said.

The climate finance - which is being provided by the US, UK, Germany, France and the European Union as part of a Just Energy Transition Partnership - has been hailed as a prototype for deals to wean other coal-dependent developing nations off the dirtiest fossil fuel. Still, it’s a fraction of the R1.5 trillion the country has estimated it needs for its plan to move away from coal over the next five years.

"We’ve had some bilaterals where there’s been additional interest shown," Creecy said in an interview at the COP27 climate summit in Egypt, referring to talks with other countries. President Cyril Ramaphosa indicated to the partners "that we are now going to make the circle bigger and other countries that would want to contribute to the JET Investment Plan, we are going to include them as well."

With more than 80% of its electricity coming from a fleet of mainly dilapidated coal-fired power plants and regular rolling blackouts because the state power utility, Eskom, can’t meet demand, the country is in dire need of investment in its electricity sector.

Sun, Wind

As the world’s 13th-biggest source of climate-warming gases, South Africa is an attractive option for rich nations trying to maximize the impact of their investments in cutting carbon emissions. The age of its power plants means that they will have to close in coming years anyway and the country is amply supplied with sun and wind resources to generate renewable power.

In addition to electricity, South Africa, as part of its coal transition plan, is trying to boost investment in its nascent electric vehicle and green hydrogen industries. Green hydrogen refers to a process where water is split to make the fuel using energy from renewable sources.

The US and Japan on Nov. 15 announced a similar deal for Indonesia at a cost of US$20 billion. On Nov. 16 Bloomberg reported that Vietnam may secure as much as US$14 billion in a process led by the UK and European Union, citing people who asked not to be named because a public announcement is yet to be made.

Creecy also reiterated the need to reform multilateral development banks, such as the World Bank and International Monetary Fund so that they lend more easily to climate finance projects. She also said they will need to be recapitalized to enable the quantum of spending that will be needed to transition to a lower carbon future.-Fin24

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Allgemeine Zeitung 2023-12-10

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Nam 2.22 UP 0.90% | Oryx Properties Ltd 12.48 SAME | Paratus Namibia Holdings 12 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.49 SAME | B2Gold Corporation 60.48 DOWN 1.40% | Local Index closed 675.17 DOWN 0.01% | Overall Index closed 1634.89 UP 0.92% | Osino Resources Corp 16.3 DOWN 4.50% | Commodities: Gold US$ 2 004.44/OZ DOWN -1.17% | Copper US$ 3.79/lb UP +1.01% | Zinc US$ 2 407.50/T DOWN -0.08% | Brent Crude Oil US$ 76.07/BBP UP +1.83% | Platinum US$ 918.53/OZ UP +1.38% Sport results: Premier League: Aston Villa 1 vs 0 Arsenal | Sheffield United 1 vs 0 Brentford | Brighton 1 vs 1 Burnley | Manchester United 0 vs 3 Bournemouth | Wolverhampton Wanderers 1 vs 1 Forest | Crystal Palace 1 vs 2 Liverpool | Tottenham Hotspur 1 vs 2 West Ham | Everton 3 vs 0 Newcastle LaLiga: Villarreal 0 vs 3 Real Sociedad | Real Betis 1 vs 1 Real Madrid | Deportivo Alaves 0 vs 1 Las Palmas | Getafe 1 vs 0 Valencia SerieA: Internazionale 4 vs 0 Udinese | Atalanta 3 vs 2 AC Milan | Hellas Verona 1 vs 1 SS Lazio | Juventus 1 vs 0 Napoli European Championships Qualifying: Norwich City 0 vs 0 Preston North End | Queens Park Rangers 2 vs 0 Hull City | Stoke City 0 vs 1 Sheffield Wednesday | Rotherham United 1 vs 2 Swansea City | Cardiff City 1 vs 0 Millwall FC | Watford 1 vs 1 Southampton | Huddersfield Town 1 vs 1 Bristol City | Leicester City 4 vs 0 Plymouth Argyle | Middlesbrough 0 vs 2 Ipswich Town | Blackburn Rovers 0 vs 2 Leeds United | Sunderland 2 vs 1 West Bromwich Albion | Coventry City 2 vs 0 Birmingham City English Championship: Norwich City 0 vs 0 Preston North End | Queens Park Rangers 2 vs 0 Hull City | Stoke City 0 vs 1 Sheffield Wednesday | Rotherham United 1 vs 2 Swansea City | Cardiff City 1 vs 0 Millwall FC | Watford 1 vs 1 Southampton | Huddersfield Town 1 vs 1 Bristol City | Leicester City 4 vs 0 Plymouth Argyle | Middlesbrough 0 vs 2 Ipswich Town | Blackburn Rovers 0 vs 2 Leeds United | Sunderland 2 vs 1 West Bromwich Albion | Coventry City 2 vs 0 Birmingham City Weather: Katima Mulilo: 20° | 35° Rundu: 21° | 36° Eenhana: 22° | 33° Oshakati: 24° | 33° Ruacana: 21° | 34° Tsumeb: 24° | 34° Otjiwarongo: 19° | 31° Omaruru: 17° | 32° Windhoek: 17° | 29° Gobabis: 20° | 31° Henties Bay: 15° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 07:19, High tide: 13:43, Low Tide: 19:52, High tide: 02:00 Swakopmund: 16° | 17° Wind speed: 27km/h, Wind direction: SW, Low tide: 07:17, High tide: 13:41, Low Tide: 19:50, High tide: 02:00 Walvis Bay: 16° | 21° Wind speed: 29km/h, Wind direction: SW, Low tide: 07:17, High tide: 13:40, Low Tide: 19:50, High tide: 02:00 Rehoboth: 17° | 30° Mariental: 18° | 30° Keetmanshoop: 14° | 30° Aranos: 20° | 31° Lüderitz: 13° | 28° Ariamsvlei: 16° | 30° Oranjemund: 13° | 23° Luanda: 26° | 28° Gaborone: 15° | 28° Lubumbashi: 17° | 30° Mbabane: 16° | 21° Maseru: 13° | 23° Antananarivo: 17° | 28° Lilongwe: 22° | 33° Maputo: 22° | 30° Windhoek: 17° | 29° Cape Town: 16° | 24° Durban: 18° | 20° Johannesburg: 14° | 21° Dar es Salaam: 25° | 31° Lusaka: 22° | 34° Harare: 22° | 34° Economic Indicators: Currency: GBP to NAD 23.65 | EUR to NAD 20.3 | CNY to NAD 2.63 | USD to NAD 18.88 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.34 | EGP to NAD 0.6 | KES to NAD 0.12 | NGN to NAD 0.02 | ZMW to NAD 0.77 | ZWL to NAD 0.04 | BRL to NAD 3.82 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.41 | USD to AOA 828.78 | USD to BWP 13.56 | USD to EGP 30.85 | USD to KES 153.28 | USD to NGN 790 | USD to ZAR 18.97 | USD to ZMW 24.25 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73790.85 Down -1.33% | Namibian Stock Exchange (NSX) Overall Index 1538.46 Down -4.72% | Casablanca Stock Exchange (CSE) MASI 11885.32 Up +0.49% | Egyptian Exchange (EGX) 30 Index 24686.16 Down -0.07% | Botswana Stock Exchange (BSE) DCI 8891.76 Up +0.07% | NSX: MTC 7.51 SAME | Anirep 8.99 SAME | Capricorn Investment group 16.99 SAME | FirstRand Namibia Ltd 49 SAME | Letshego Holdings (Namibia) Ltd 3.89 DOWN 0.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.97 SAME | Nictus Holdings - Nam 2.22 UP 0.90% | Oryx Properties Ltd 12.48 SAME | Paratus Namibia Holdings 12 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.49 SAME | B2Gold Corporation 60.48 DOWN 1.40% | Local Index closed 675.17 DOWN 0.01% | Overall Index closed 1634.89 UP 0.92% | Osino Resources Corp 16.3 DOWN 4.50% | Commodities: Gold US$ 2 004.44/OZ DOWN -1.17% | Copper US$ 3.79/lb UP +1.01% | Zinc US$ 2 407.50/T DOWN -0.08% | Brent Crude Oil US$ 76.07/BBP UP +1.83% | Platinum US$ 918.53/OZ UP +1.38%