{"id":65692,"date":"2024-05-09T09:03:48","date_gmt":"2024-05-09T09:03:48","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants"},"modified":"2024-05-09T09:31:06","modified_gmt":"2024-05-09T09:31:06","slug":"south-africa-delays-shutdown-of-coal-fired-power-plants","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants","title":{"rendered":"South Africa delays shutdown of coal-fired power plants"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5 billion in climate finance, an agency in President Cyril Ramaphosa\u2019s office said.<\/p>\n

The timetable to be proposed to the Climate Investment Funds in June aims to ensure the country remains on track to obtain funding under the so-called Just Energy Transition Partnership \u2014 a $9.3-billion pact with some of the world\u2019s richest nations.<\/p>\n

Under the agreement, first announced in 2021, South Africa will receive the assistance on condition it cuts its dependence on coal, which accounts for four-fifths of the nation\u2019s electricity output.<\/p>\n

Early last year, South Africa told its partners in the pact it planned to delay the planned shutdown of coal-fired plants \u2014 14 of which are operated by state utility Eskom \u2014 to address record electricity outages. The authorities didn\u2019t set new closure dates.<\/p>\n

\u201cWhat we are presenting to the CIF is an adjustment to the decommissioning plan linked to an emissions target that we have to achieve,\u201d said Neil Cole, a finance manager at the Project Management Unit, which is overseeing the JETP for South Africa, within the presidency.<\/p>\n

If the proposal is accepted, South Africa will secure $500 million of 10- to 30-year loans with an interest rate of less than 1% and a grace period of eight years from the World Bank-affiliated CIF, Cole said in an interview.<\/p>\n

That will \u201cderisk\u201d concessional loans planned by multilateral development groups such as the International Bank for Reconstruction and Development, which has pledged $570 million.<\/p>\n

The African Development Bank has allocated $255 million and the International Finance Corp. $70 million.<\/p>\n

\u201cWe need to unlock the $500 million for the MDBs to take any kind of interest,\u201d he said.<\/p>\n

Cole said a further $300 million will come from South African development agencies such as the Industrial Development Corp. and the Development Bank of Southern Africa, while $875 million is expected to come from private institutions.<\/p>\n

The funding is part of the JETP, under which France, the US, the UK, Germany and the European Union initially agreed to contribute funds to South Africa, with the Netherlands and Denmark joining the pact later. South Africa has communicated its plans to its JET partners.<\/p>\n

Revised Schedule<\/p>\n

South Africa will propose closing Eskom\u2019s Camden, Grootvlei, and Hendrina power plants between 2027 and 2030 instead of the prior schedule of 2023 to 2027.<\/p>\n

In addition, in order to meet an annual emission-reduction target of 50 million to 71 million tons of carbon dioxide equivalent required by the CIF, the presidency is in talks with Eskom to close a number of units at other power plants.<\/p>\n

That number has yet to be decided. Eskom didn\u2019t respond to a request for comment.<\/p>\n

\u201cWe hope to have that data\u201d by June, Cole said. It will be a \u201ccomprehensive shutting down. They won\u2019t be brought back into production,\u201d he said.<\/p>\n

The proposal will be considered under the CIF\u2019s Accelerating Coal Transition Investment Program.<\/p>\n

Carbon dioxide, which is generated by burning fossil fuels, and a number of other so-called greenhouse gases are responsible for global warming.<\/p>\n

Once the CIF hurdle has been cleared, it will be decided which South African entities will borrow the money.<\/p>\n

Grid Upgrade<\/p>\n

Money used to decommission coal plants and re-purpose them for the production of renewable energy may be borrowed by Eskom, while the National Treasury may borrow funds to create alternative employment and economic activity in coal-dependent communities.<\/p>\n

Some of the money will also be directed to improve the efficiency of municipal grids and to allow them to accept more renewable energy.<\/p>\n

If those funds are borrowed directly by the municipalities, the National Treasury will need to provide a sovereign guarantee, Cole said.<\/p>\n

While South Africa\u2019s electricity cuts have eased \u2014 a result of better performance by Eskom and the increased use of privately owned solar panels \u2014 the JETP has attracted criticism from government ministers and labour unions. They argue the pact will exacerbate outages and cost tens of thousands of coal mine and power plant jobs.<\/p>\n

\u201cThe aim is to strengthen the energy sector so that South Africa can comply with the agreed emissions pathway and shut down coal-fired power plants,\u201d the German Development Ministry said in a response to questions.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5 billion in climate finance, an agency in President Cyril Ramaphosa\u2019s office said. The timetable to be proposed to the Climate Investment Funds in June aims to ensure the country remains on […]<\/p>\n","protected":false},"author":84,"featured_media":65691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-65692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa delays shutdown of coal-fired power plants - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5 billi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa delays shutdown of coal-fired power plants\" \/>\n<meta property=\"og:description\" content=\"South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.5 billi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-09T09:03:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-09T09:31:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1715234054.411278.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa delays shutdown of coal-fired power plants\",\"datePublished\":\"2024-05-09T09:03:48+00:00\",\"dateModified\":\"2024-05-09T09:31:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants\"},\"wordCount\":719,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1715234054.411278.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-delays-shutdown-of-coal-fired-power-plants\",\"name\":\"South Africa delays shutdown of coal-fired power plants - 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