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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. The money will come from the CIF’s Accelerating Coal Transition investment program.
In South Africa, the money will be used to close coal-fired electricity stations and replace them with renewable energy plants and the battery storage systems, it said.
—Bloomberg