South Africa is a victim and a perpetrator in one: Although it is among the countries hardest hit by climate change, it is also among the world’s top 20 CO2 emitters and accounts for almost 40% of Africa’s emissions from fossil fuels. And South Africa’s emissions are set to still grow: Over 14,000 MW of new coal plants are in various stages of development which would increase the country’s coal-fired capacity by 34%. The number one culprit is the country’s state-owned utility Eskom, which is building two of the world’s largest coal plants, the Medupi and Kusile projects. The costs for these two 4,800 MW plants have spiralled out of control and pushed Eskom into a dire financial crisis. In a country already hard hit by droughts, these gigantic coal plants will deplete scarce water supplies and increase South Africa’s carbon emissions by 16%. Barclays supports Eskom by underwriting its bond issuances.
Find out more in our Coal Report page 12: