SA to update timeline for coal plant closures in bid to secure R48bn

South Africa will provide a new timeline for the shutdown of coal-fired power plants in a bid to secure about $2.6 billion (or R48 billion) in climate finance, an agency in President Cyril Ramaphosa's office said.

The timetable to be proposed to the Climate Investment Funds (CIF) in June aims to ensure the country remains on track to obtain funding under the so-called Just Energy Transition Partnership(JETP) - a $9.3-billion pact with some of the world's richest nations.