Government will make sure not to secure climate finance deals that are detrimental to the country's development path, says President Cyril Ramahosa.Negotiations to secure deals emanating from a R131 billion offer is expected to take six months to a year to finalise.
Ramaphosa noted that the commitment from the international partners did not mean that South Africa must accept an offer that would be of"unfavourable terms" or of which financial arrangements would negatively affect the country's fiscus. Ramaphosa reiterated previous statements that the bulk of the offer would go towards funding Eskom's just transition plan - which involves the decommissioning of old coal-fired power stations - and to develop in new sectors such as electric vehicles and the green hydrogen economy.
He added that concessional funding is usually less onerous than straight loans. The aim is to make sure the concessional finance is not onerous on the fiscus either. He said government will make sure that the country will not be lumped with conditions that"debilitate" the country's developmental initiatives.
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