Author: Camellia Moors ’22
Hello and welcome to another edition of Good News Friday! In the midst of ongoing COP26 talks, we’re discussing some recent major climate announcements, including a fund for renewable energy projects in developing economies, financing for a clean energy transition in South Africa, and an international pledge to phase out coal-fired power plants.
- A new fund for clean energy investments is formed: Several philanthropic organizations and international development banks joined forces this week to announce the formation of a $10.5 billion fund intended to “help emerging economies with growing energy needs make the switch from fossil fuels to renewable sources.” Known as the Global Energy Alliance, the group’s commitment comes because several large and/or developing nations recently called for the investment of $100 billion annually by developed countries for the purpose of furthering international climate goals.
2. South Africa to receive financing to phase out nonrenewable energy: In the wake of requests for international financial aid to achieve climate goals mentioned above, this week South Africa announced Britain, France, Germany, the U.S., and the EU will dedicate $8.5 billion towards South Africa’s efforts to “install more clean energy, accelerate the country’s transition away from coal power and cushion the blow for workers who may be affected by the shift.” Currently, South Africa accounts for approximately 17.8% of the world’s coal consumption, meaning this decision could have a significant impact on global carbon emissions.
3. International coalition to pledge to phase out coal: The British government announced that it has brokered a deal between 18 unnamed countries at COP26 to phase out the use of domestic coal-fired power plants and eliminate funding for international coal projects. Coal as a fuel source emits a relatively large amount of carbon dioxide per kWh of electricity generated, making this commitment an important first step in the energy transition.
That’s all for this week! Tune in next time for more positive environmental news. In the meantime, if you have any good news you would like to share, please contact us!