South Africa Secures $676 Million in Grants for Green Energy Transition, Surpassing Initial Pledge

South Africa secured $676 million in grants from wealthy nations to support its transition to green energy, exceeding the initial $329.7 million commitment.

The grants are part of a $12 billion package from Western nations, the rest of which South Africa will have to repay as loans.

South Africa is advocating for more grants over loans in the funding package.

South Africa estimates the full transition from coal will cost $78.44 billion.

At COP28, South Africa will present plans for allocating the funds towards skills development, supporting coal miners, incentivizing private investment, and more.