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Climate fund considers India, South Africa to pilot $2bn coal transition scheme
(Climate Change News, 18 Jun 2021) A climate fund is looking for two or three coal-dependent emerging economies to pilot a scheme to accelerate a shift to cleaner industries by mobilising private finance.
The Climate Investment Funds (CIFs) secured up to $2billion this yearfrom G7 countries to help wean the world off coal as part of efforts to limit global heating to 1.5C – the tougher goal of the Paris Agreement.
“It is not enough to focus on clean energy investment,” Mafalda Duarte, CEO of the Climate Investment Funds, told Climate Home News in an interview. “Unless we focus on accelerating the pace at which we move away from coal, we are not going to meet the Paris Agreement goals.”
Earlier this year, Cop26 president designate Alok Sharma said the UK wanted to make the November Glasgow summit “the Cop that consigns coal to history”.
Duarte said the G7’s funding pledge was “a powerful signal” to developing nations that rich countries support their energy transition.
The CIFs is in the process of identifying two or three developing countries to pilot the programme and benefit from the first tranche of investment.
Climate Change News, 18 Jun 2021: Climate fund considers India, South Africa to pilot $2bn coal transition scheme
