World Bank: Financing requirements associated with the transitions could amount to 4.4% of SA GDP per year – or R8.5 trillion” between this year and 2050.😑 Read more📱
“The power sector… will need to transform radically by moving away from coal toward renewables,” it said, projecting that solar and wind will provide about 85% of the country’s energy by 2050.
The country “is one of the most carbon- and energy-intensive economies in the world”, the bank added, noting that South Africa’s carbon intensity was 3.2 times higher than the global average in 2019. “This shift should start immediately to address the ailing generation capacity, accompanied by an enhanced regional energy market,” said the bank.
A shift away from coal for renewable sources of energy will help the country tackle its ongoing energy crisis “most urgently and cost-competitively”.But transitioning from coal will come at a heavy cost. The bank estimates that at least 300 000 jobs in high-emitting sectors will be lost. But for every job lost, the bank estimated that between two and three jobs could be created in renewables, green manufacturing and non-coal mining sectors.
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