South Africa will only accept $8.5 billion in initial funding pledged by rich nations to help it shift from coal to greener energy if the terms suit national goals like debt reduction and job creation, President Cyril Ramaphosa said on Thursday.

Earlier this month, the United States joined Britain, France, Germany and the European Union to offer a multi-billion dollar package to help South Africa accelerate a transition from coal.

"This commitment from international partners does not mean we need to accept the offer, as such, or that we need to accept any unfavourable terms especially if the financing arrangements could impact negatively on the public fiscus of our country," Ramaphosa told lawmakers when responding to questions.

Guest post from Reuters