ESKOM is the biggest polluter and contributor to climate change on the entire African continent. So it might seem strange to think that climate change might actually be what ends up saving the beleaguered utility. Yet, it might well be thanks to the climate crisis that Eskom is able to finally turn its ship around.
South Africans are painfully aware of the problems at Eskom. The heavily polluting electricity it provides is increasingly unreliable and expensive, and the utility is saddled with hundreds of billions of rands in debt. To help turn things around, Eskom is pitching a $10 billion plan to development finance institutions like the World Bank and the African Development Bank.
The aim of the plan is for Eskom to accelerate the transition away from coal to renewable energy. In return, global lenders will give Eskom access to favourable lending terms accessible in the form of climate finance. Doing so can help Eskom service its debt, finance the early closure of coal mines, and invest in a just transition to renewable energy. ..
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