At COP26 last year, a group of rich countries pledged $8.5bn to help finance South Africa’s shift away from coal, the fuel that provides 77% of its energy
This is South Africa’s coal belt. Here, miners dig up about three-quarters of the coal that fuels one of the world’s most coal-fired economies. The sooty stuff provides 27% of the world’s energy, but no less than 77% of South Africa’s . That includes almost all of its electricity and—uniquely—28% of its petrol and diesel, which it synthesises from coal using a process perfected during an oil embargo in the 1980s aimed at ending apartheid.
The winds blowing through international capital markets are pushing in this direction, too. Although Eskom is broke and unable to service its debts without help from the government, private investors are keen to put money into renewable projects. So are Western governments. At the26 climate conference in Glasgow last year, a group of rich countries including America, Britain, France and Germany pledged $8.
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