Current:Home > MyThe World Bank approved a $1B loan to help blackout-hit South Africa’s energy sector-LoTradeCoin
The World Bank approved a $1B loan to help blackout-hit South Africa’s energy sector
View Date:2024-12-23 19:18:45
CAPE TOWN, South Africa (AP) — The World Bank approved a $1 billion loan for South Africa on Wednesday to help it address an energy crisis that has peaked this year with the country’s worst electricity blackouts. The energy problem has forced the country to lean on its highly polluting coal-fired power stations.
South Africa has experienced scheduled, rolling blackouts for months because of problems generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the country’s electricity through its coal stations, but they have failed to meet demand due to mismanagement, corruption and regular breakdowns.
South Africa’s commitment to its climate change targets are in danger of being affected in the short term, with President Cyril Ramaphosa announcing in April that it may delay shutting down some of its coal stations because of the electricity supply problems.
“The loan endorses a significant and strategic response to South Africa’s ongoing energy crisis, and the country’s goal of transitioning to a just and low carbon economy,” the World Bank said.
While Africa contributes the least to climate change and is the continent affected the most, South Africa is Africa’s most advanced economy and the world’s 16th-largest emitter of greenhouse gases overall. It is 45th per capita based on 2019 data, according to Climate Watch.
The South African government has said it needs nearly $80 billion over the next five years to fund its transition to greener energy sources.
It has already received a $439.5 million loan from the World Bank to help convert a former power station into a renewable energy provider. The Komati power station was decommissioned last year, but its story is an example of how developing countries desperately need money to finance their change to greener energy sources to help meet climate change goals.
The World Bank has been urged to provide more funding for African countries facing climate change and other problems.
___
AP Africa news: https://apnews.com/hub/africa
veryGood! (445)
Related
- Secret Service Agent Allegedly Took Ex to Barack Obama’s Beach House
- Cholera outbreak in Sudan has killed at least 22 people, health minister says
- Jonathan Bailey Has a NSFW Confession About His Prosthetic Penis for TV
- After 100 rounds, what has LIV Golf really accomplished? Chaos and cash
- New Orleans marks with parade the 64th anniversary of 4 little girls integrating city schools
- Tropical Storm Ernesto sends powerful swells, rip currents to US East Coast
- Ex-Rep. George Santos expected to plead guilty to multiple counts in fraud case, AP source says
- Liverpool’s new era under Slot begins with a win at Ipswich and a scoring record for Salah
- What happens to Donald Trump’s criminal conviction? Here are a few ways it could go
- Premier League highlights: Arsenal and Liverpool win season's opening Saturday
Ranking
- Week 10 fantasy football rankings: PPR, half-PPR and standard leagues
- Shootings reported at Joint Base San Antonio-Lackland between guards and passing vehicle
- Dakota Johnson Confirms Chris Martin Relationship Status Amid Breakup Rumors
- What is ‘price gouging’ and why is VP Harris proposing to ban it?
- Robert F. Kennedy Jr. has a long record of promoting anti-vaccine views
- US Navy helicopter crew members injured in Nevada training mishap released from hospital
- Phoenix police launch website detailing incidents included in scathing DOJ report
- Shooting kills 2 and wounds 2 in Oakland, California
Recommendation
-
What is ‘Doge’? Explaining the meme and cryptocurrency after Elon Musk's appointment to D.O.G.E.
-
'Only Murders in the Building' Season 4 is coming out. Release date, cast, how to watch
-
Bridgerton Season 4: Actress Yerin Ha Cast as Benedict's Love Interest Sophie Beckett
-
Connor Stalions, staffer in Michigan's alleged sign stealing, finds new job
-
Megan Fox and Machine Gun Kelly are expecting their first child together
-
Paramore recreates iconic Freddie Mercury moment at Eras Tour in Wembley
-
Fire breaks out at London’s Somerset House, home to priceless works by Van Gogh, Cezanne
-
Counting All the Members of the Duggars' Growing Family