Transforming the metals and mining, building materials, and plastics industries to make them compatible with sustainability targets will require increasing annual spending from $5.7 trillion to $9.2 trillion.
The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund said in a statement.
Transnet has come under fire from exporters of bulk commodities because it can’t supply them with adequate rail capacity at a time when demand is booming.
British energy company Drax Group wants to build power plants that burn wood chips, capture emissions produced from the process and bury them deep underground.