US Officials Say $8.5bn COP26 Funds For Coal Decommissioning, Not EVs

LOCAL NEWS

• US officials say the $8.5bn COP26 allocation is aimed at de-commissioning coal plants, not funding electric vehicles and green hydrogen after reports emerged that they were options under consideration. Says the funds can be sued to strengthen the grid to make renewables more accessible and cushion the impact of the transition away from coal – BusinessTech
• ANC Chair & EnergyMin Mantashe says he will challenge the Zondo commission findings for a prima facie corruption case against him, saying he will await the judicial review before stepping aside and that the claims are based on assumptions.
  • This stance goes against the party’s public comments about the commission and the Party’s policy of “renewal” in terms of its anti-corruption drive – Daily Maverick, EWN
• R25bn in road projects under Sanral are facing numerous delays, despite assurances from Ramaphosa that infrastructure would be the primary focus to the economic recovery plan. Analysts say this could be due to an experience shortfall at Sanral in determining competitive bids and understanding contractors’ capacity to complete the work – MoneyWeb
• Ramaphosa says a plan is being composed to revitalise municipalities with a long-term strategic framework to guide investment and service delivery to specific metros – called “one plans”. Also says legislative change will support this process with consequences for those who fail to uphold the rules. Notes that only 5% of SA’s municipalities are financially stable. – BusinessTech

Data:

• 0715GMT: Feb standard bank PMI printed at 50.9 vs 50.9 prior
• 1100GMT: Jan electricity consumption y/y, -2.7% prior
• 1100GMT: Jan electricity production y/y, -3.7% prior
• 4Q Unemployment exp at 35% vs 34.9% prior