South Africa gearing up to negotiate ‘new paradigm’ climate finance deal

South Africa aims to pursue a financing solution that embraces a “different paradigm” with regard to the allocation of risk, as well as return expectations and investment horizons, when negotiating the terms and conditions of a $8.5-billion climate finance offer made in November by several developed countries. A ‘Political Declaration on the Just Energy Transition in South Africa’, which incorporates the financing offer, was signed with the European Union, France, Germany, the UK and the US on the side-lines of the COP26 climate talks, in Glasgow, Scotland.