South Africa’s government will invest the bulk of an $8.5 billion (R152 billion) climate-finance deal being offered by wealthy nations on bolstering its energy supply. | News24_Business
An investment plan published Friday envisages 90% of the funds being used to decommission coal-fired power plants in tandem with developing renewable-energy generation, strengthening the transmission grid and modernising the electricity-distribution system. The rest will go toward the development of green-hydrogen and electric-vehicle industries.
“The plan takes its direction from South Africa’s energy and climate policies,” President Cyril Ramaphosa said in a forward to the plan. “These policies reflect our determination to diversify our energy mix and ensure that our transition to a low-carbon economy contributes to our efforts to tackle inequality, poverty and unemployment.”
The investment plan envisages $7.6 billion being invested in electricity infrastructure, $700 million in developing green-hydrogen projects and $200 million in an electric-vehicle industry over the next five years. Almost all of South Africa’s energy is produced from coal by troubled state power company Eskom Holdings SOC Ltd. and the country suffers from regular blackouts. Switching to cleaner sources of power will eliminate thousands of jobs, especially in the eastern province of Mpumalanga, where 90,000 people are employed at mines and power plants.
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