By Jeff Mason and Andrea Shalal
GLASGOW (Reuters) – The United States will join Britain, France, Germany and the European Union in a new partnership to help South Africa, the largest carbon emitter in Africa, finance a quicker transition away from coal, U.S. President Joe Biden said on Tuesday.
Biden announced U.S. participation in the project at a joint event at the United Nations Conference on Climate (COP26) with European Commission President Ursula von der Leyen, who first discussed the initiative last week.
Biden said the United States would provide financing to bolster global efforts to reach net zero emissions “by closing South Africa’s coal plants ahead of schedule and investing in clean alternatives … for the people of South Africa.”
British Prime Minister Boris Johnson told the event the initiative was valued at $8.5 billion overall and would help move the world toward meeting its climate targets by “choking off international finance for coal.”
Biden gave no specific sum for Washington’s financial contribution, but underscored the United States’ commitment to follow through on pledges made by the Group of Seven advanced economies in June to accelerate the transition away from coal https://www.reuters.com/business/environment/g7-agrees-end-new-govt-support-coal-power-by-end-2021-2021-06-13 in developing countries.
Coal is the most polluting fossil fuel, and phasing it out quickly is seen as crucial if the world is to meet the Paris Agreement’s target to limit global warming to 1.5 C and avert the most catastrophic impacts of climate change.
Biden said the funding would ensure “equitable, inclusive transitions in South Africa’s coal sector” by helping regions and workers in coal industries affected by the phaseout.
Von der Leyen told the event that the “just energy transition partnership” with South Africa was exemplary and could provide a blueprint for work with additional countries.
(Reporting by Jeff Mason in Glasgow and Andrea Shalal in Edinburgh, Editing by William Maclean)
