October 31

South Africa, Indonesia Get $1 billion to Close Coal Plants

South Africa and Indonesia will receive a combined $1 billion from the Climate Investment Funds to replace some of their coal-fired power plants with renewable energy facilities, part of global efforts to cut planet-warming emissions.

The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund said in a statement Thursday. The money will come from the CIF’s Accelerating Coal Transition investment program.

Photo courtesy of Mbishapoa.

Source: Bloomberg (link opens in a new window)

renewable energy