Climate Investment Funds approve $2.6bn coal-exit plan for South Africa

A World Bank-linked climate fund has backed South African plans to cut its reliance on coal, unlocking up to $2.6-billion in financing and giving the nation’s energy transition an unexpected boost. The approval of the updated plan by the Climate Investment Funds, which was stalled after South Africa last year asked to delay the closure of three coal-fired power plants to ease an energy crisis, will see the CIF disburse $500-million to the country.