Yellen Says South African Coal Communities Need $3.5 Billion
South Africa has identified more than 60 billion rand ($3.5 billion) in investments needed to assist communities in the coal-mining province of Mpumalanga as the industry gradually winds down, according to US Treasury Secretary Janet Yellen, who also announced an additional $45 million in grant support. The investments are part of a 1.5 trillion-rand government plan to decrease South Africa's dependence on coal, which presently accounts for more than 80% of its power generation. A coalition of wealthy nations is supporting the Just Energy Transition Plan with $8.5 billion in climate funding in the form of concessional loans, debt guarantees, and grants. The United States is contributing more than $1 billion.