October 30

The World Bank Approved a $1 Billion Loan to Help Blackout-Hit South Africa’s Energy Sector

The World Bank approved a $1 billion loan for South Africa on Wednesday to help it address an energy crisis that has peaked this year with the country’s worst electricity blackouts. The energy problem has forced the country to lean on its highly polluting coal-fired power stations.

South Africa has experienced scheduled, rolling blackouts for months because of problems generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the country’s electricity through its coal stations, but they have failed to meet demand due to mismanagement, corruption and regular breakdowns.

Photo courtesy of Lukas Bato.

Source: AP News (link opens in a new window)

Energy, Investing
climate change, decarbonization, energy access, renewable energy