Clean Energy News
December 4, 2011 by staff
Speaking at the World Climate Business conference in Durban, where United Nations envoys are drawing up a global warming agreement, Zuma said one of the biggest points for debate in the talks is on finance.
Industrial nations have pledged to work on creating a fund channeling as much as $100 billion a year in climate aid to developing nations by 2020. Concerns about the structure of that fund raised by the U.S., Venezuela and Saudi Arabia earlier this week set back efforts to win agreement on the measure.
“The biggest stumbling block is financial,” Zuma said. “Renewable energy costs more than non-renewable energy, which in South Africa is supplied by coal. Renewable energy targets would add an average incremental cost of $660 million to our annual energy bill.”
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