(Bloomberg) — A group of the world’s richest nations that pledged $8.5 billion in climate finance to South Africa wants the money to be used to retire coal-fired power plants, according to a senior U.S. official involved in the talks, damping suggestions some could be channeled to producing electric vehicles and green hydrogen.
The funds pledged by the U.S., U.K., France, Germany and the European Union and announced at the COP26 climate summit in Glasgow in November, can also be utilized to construct renewable energy facilities, the official said, asking not to be identified as the talks are private.
The money can also be used to:
-Strengthen South Africa’s grid to make it easier for renewable energy producers to access the grid
-Cushion communities dependent on coal during the transition to green energy
The aim is to conclude a deal, complete with investment plans, by the COP27 climate summit in Egypt in November at the latest, the official said.
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