Biden Pledges U.S. Taxpayers Will Pay South Africa to Close Down Coal Power Plants

BIDEN: “These MCC investments are part of the work we’re doing worldwide through the Partnership for Global Infrastructure and Investment. I proposed this initiative together with the rest of the G7 to help fill the need for quality high-standard infrastructure in Africa and the low-income and middle-income countries around the world. At the G-7 meeting earlier this year, we announced our intention to collectively mobilize $600 billion in the next five years. Today’s announcement joined a portfolio of Partnership for Global Infrastructure Investment projects already underway in Africa, including mobilizing $8 billion in public and private finance to help South Africa replace coal-fired power plants with renewable energy sources and develop cutting edge energy solutions like clean hydrogen, a deal worth $2 billion to build solar energy projects in Angola, $600 million high-speed communications cables that will connect southeast Asia to Europe via Egypt and the Horn of Africa and help bring high-speed internet connectivity to countries all along the way. The bottom line is simple: trade runs on reliable infrastructure to support and secure resilient supply chains, and improving Africa’s infrastructure is essential to our vision of building a stronger global economy that can better withstand the kinds of shocks that we’ve seen in the past few years. Third, we’re continuing to support innovation and entrepreneurship across Africa, investing in the — investing Africa’s people. Developing human capital alongside physical infrastructure is another core aspect of the Partnership for Global Infrastructure and Investment.”