South Africa’s climate deal meets gas finance contradiction

Issue 450 - 23 Nov 2021 - By Dan Marks

The $8.5bn framework agreement signed during COP26 to support South Africa in reducing its greenhouse gas emissions – one of the conference’s headline achievements (AE 449/1) – is unlikely to include funding for gas projects, African Energy has been told. The terms of the deal will be heavily influenced by the commitment of a powerful group of countries to immediately halt fossil fuel-related financing. The agreement – which G7 governments intend to use as a model for deals with other countries – is highly dependent on concessional funding, the provision of which is in question.

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