SA to call on rich nations at climate meeting to do more

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The CIF deal is a drop in the ocean compared with the $27 billion that South Africa needs for its transition away from coal. Photo: Supplied/Archive
The CIF deal is a drop in the ocean compared with the $27 billion that South Africa needs for its transition away from coal. Photo: Supplied/Archive

BUSINESS

Speaking to journalists on the position of Africa’s most industrialised economy, before the COP26 talks in Glasgow, Scotland, from October 31, Creecy said that South Africa had held discussions with the Climate Investment Funds (CIF) – a global fund that seeks to accelerate climate action – to secure a deal that could release up to $500 million (R7.3 billion) to fund its shift away from coal-fired power.

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