The African Development Bank has proposed that South Africa use the $8.5 billion in climate financing pledged by some of the world’s richest nations to raise even more funds. How this could be done, AfDB President Akinwumi Adesina suggested was by parking the funds in a special purpose vehicle. The SPV, which can seek a credit rating, can then sell zero-coupon bonds to raise as much as $41 billion (~R722 billion). News24 Business reports though that the AfDB’s proposal has gotten little support from South Africa or their funding partners.
