BUSINESS INTERIA is on Facebook and you are up to date with the latest happenings

British Prime Minister Boris Johnson said at the summit that an important step for the world in achieving climate goals would be to “cut international financing for coal mining”.

And Reuters noted that South Africa is the second largest exporter of climate-damaging gases and depends entirely on outdated coal-fired power plants. South African authorities have said the promised money could help it meet its plan to cut emissions by 2030.

US President Joe Biden announced on Tuesday that the United States will support this African country. He said he would donate the money to support global efforts to reduce emissions to zero, “by closing South Africa’s coal-fired power plants ahead of schedule and investing in clean alternative energy sources for South Africa”. However, he did not indicate exactly what amounts he would transfer as part of the promised support.

South Africa’s President Cyril Ramavos called the deal a “turning point” for the country and the world, and European Commission President Ursula von der Leyen said South Africa’s “Fair Energy Transition Partnership” could be the blueprint for action with other countries. Germany has decided to donate 700 million euros to this initiative.

This proves that we can take ambitious climate action, while increasing our energy security, creating jobs and using investment opportunities with the support of developed countries,” said President Ramaphosa.