South Africa seeks to renegotiate coal pact

The government of president Cyril Ramaphosa is pushing to renegotiate a deal with Climate Investment Funds, a group tied to the World Bank. — Bloomberg

JOHANNESBURG: South Africa is seeking to alter the terms of a landmark agreement under which it promised to cut its reliance on coal in exchange for access to financing.

The government of president Cyril Ramaphosa is pushing to renegotiate a deal with Climate Investment Funds (CIF), a group tied to the World Bank, so that it won’t be required to close three coal-fired power plants in the coming years.