10 April 2019

South Africa: Medupi's R6.8 Billion New Development Bank Injection and Other Brics Climate Crimes

analysis

Although the $480-million project loan from the New Development Bank for the completion of Medupi has been dubbed 'clean technology', it will up the carbon footprint of one of the world's largest and most expensive coal-fired power plants. This would be more surprising if four of the BRICS nations, including South Africa, hadn't been pivotal to a backroom climate deal at Copenhagen in 2009 that removed binding emission reduction targets for every country on Earth. So what else can we thank the BRICS bank for?

I. Undisclosed

"A resounding success."

This, in a nutshell, was how Finance Minister Tito Mboweni viewed the fourth annual meeting of the New Development Bank (NDB), held in Cape Town from 31 March to 2 April 2019. The phrase was used in the first sentence of the press release sent out within minutes of the meeting's wrap-up, with the excitement located primarily in the fact that three of the five new projects approved for funding by the NDB board were South African. As regards the largest of these projects, the press release stated this:

"Eskom: In line with its focus on supporting clean energy in South Africa, the NDB will provide a $480-million project loan...

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