JOHANNESBURG (Reuters) – South African President Cyril Ramaphosa said on Friday the country will require about 1.5 trillion rand ($84 billion) over next 5 years to meet targets in transitioning from coal to renewable energy.
“This is just the five years that the 1.5 trillion rand will be necessary. Going forward, much more money will be needed,” Ramaphosa told a meeting of the presidential climate commission, citing the country’s climate investment plan.
Last year the United States, European Union, Britain, France and Germany committed to investing $8.5 billion over three to five years to help Africa’s most industrialised nation reduce its carbon emissions, which are among the world’s highest because it depends on coal for the majority of its electricity.
The plan is meant to help the country shut down polluting smokestacks and coal mines and re-purpose their locations for solar panels and wind farms – and eventually electric vehicle and green hydrogen production.
($1 = 17.9540 rand)
(Reporting by Alexander Winning; Writing by Anait Miridzhanian and Olivia Kumwenda-Mtambo; Editing by James Macharia Chege)
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