The Climate Investment Funds (CIF), a World Bank affiliated fund, has awarded a combined US$1bn to South Africa and Indonesia to replace some of their coal fired-plant capacity. The two countries will each have access to US$500m in cheaper, risk-bearing capital from CIF's Accelerating Coal Transition (CIF ACT) investment programme.
In South Africa, the fund will be used to close coal-fired electricity stations and replace them with renewable energy plants and battery storage systems, though no further details have yet been communicated. In Indonesia, CIF will work with the state power provider Perusahaan Listrik Negara (PLN) and private companies to accelerate by 5 to 10 years the closure of 2 GW of coal-fired generation and explore how that capacity can be replaced.
At the end of 2021, coal-fired capacity represented nearly 67% of South Africa’s installed capacity with 35.8 GW. In Indonesia, it represented about 48% of installed capacity with 39.5 GW.
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