Rich nations to fund 80% of S.Africa's climate plan with loans, some hard to unlock
About 80% of the billions of dollars pledged by rich nations for South Africa’s shift away from coal will be loans, not grants, and some may be hard to unlock due to national rules protecting domestic jobs, an official familiar with the matter said.
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29