If South Africa presents an ambitious and credible emissions-reduction plan to the world at the COP 26 climate meeting in November, it could get access to cheap capital for a large-scale investment programme aimed at stimulating and ‘greening’ the economy.
Wealthy nations, which have contributed the most to the climate crisis, have agreed to jointly mobilise at least US$100 billion a year to assist developing countries with the shift to a more sustainable, more resilient world economy.
This pool of climate finance – consisting of grants, concessionary loans and other facilities – is set to be expanded in the years ahead in an effort to stabilise the rapidly warming climate.
