My Brain Food This Week...
Josh Kushner profile, Ditching coal still a no go in South Africa
Story of the week:
Billions in U.S. Funding Hasn’t Convinced Developing World to Ditch Coal
(Alexandra Wexler)
Key takeaways:
Rich Nations' Clean Energy Funding Faces Setbacks: Wealthy nations, including the U.S., are providing billions of dollars to developing countries like South Africa and Indonesia for clean energy projects. However, two major initiatives in South Africa and Indonesia, backed by $28.5 billion in funding, are encountering resistance and doubts about their success in transitioning away from coal.
Backtracking on Clean Energy Commitments: South Africa and Indonesia, both heavily reliant on coal, are reconsidering their commitments to burn less coal under the Just Energy Transition Partnerships (JETPs). Political resistance, economic concerns, and the technical challenges of quickly replacing coal are jeopardising the success of these agreements, raising questions about the effectiveness of global efforts to reduce greenhouse gas emissions.
Debt Concerns and Economic Challenges: South African and Indonesian officials express dissatisfaction with the funding structure, as most of the money comes in the form of loans rather than grants, increasing the debt burden on developing nations. The challenge lies in convincing these countries to transition away from coal, which supports local economies and industries, provides jobs, and remains a reliable fuel source, amid fears about the economic viability of alternative technologies.
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