The South African government claims it is advancing a “Just Transition” to a low-carbon economy. But in practice, its climate policy is anything but just. It is a form of green structural adjustment—a continuation of neoliberalism in green clothing. Under pressure from the International Monetary Fund (IMF), World Bank, and global finance, the state is rolling out a climate policy built on privatisation, austerity, and the hollowing out of public institutions like Eskom.