ANC Support Set to Slip Below 50%, SA Cheers $8.5bn Climate Finance Deal

LOCAL NEWS

• With 65% of the local elections vote counted it seems as if the ANC will slip below 50% for the first time since 1994. Analysts have said this marks the 'beginning of the end for the party' with corruption and energy supply issues souring voter sentiment amid historically low voter turnout.
  • While DA support fell too, it remained more resilient while the EFF and ActionSA made some important inroads. Voting is expected to be concluded today with the focused shifting to coalition-making with the ANC saying it won't rule out alliances with the DA, while ActionSa also said it was open to DA alliances in Gauteng
• SA to receive R131bn ($8.5bn) over the next 3-5 years in climate finance after a deal was struck at the COP26 summit with Western nations to help SA expedite its move away from coal power.
  • This funding ensures a 'just transition', helping sustainably phase out coal power without leaving local communities in ashes.
  • Funding comes through grants and concessional finance, and will be used to offset risks to energy security posed by Eskom. Research companies recently showed that this could be a massive positive for SA's development - should the funding help Eskom move away from its deteriorating trajectory