President Cyril Ramaphosa has taken a major step in moving South Africa away from its dependency on coal energy, which will unlock approximately R140 billion worth of investment opportunities for the country.
President Cyril Ramaphosa has taken a major step in moving South Africa away from its dependency on coal energy, which will unlock approximately $8.5 billion worth of investment opportunities for the country.
According to a study conducted by COP26, South Africa – the world’s 13th biggest source of greenhouse gases – will need to spend over $250 billion over the next 30 years to fund the closing of coal-fired plants and develop green alternatives. The Presidential Climate Commission added that the new framework falls precisely within the national development plan’s goals and annual government budgeting processes.
The plan is for South Africa to produce a draft investment plan in July and to have a final version signed off with the partner countries by early NovemberThe national power utility Eskom, which relies predominately on coal as a fuel source, has been under strain over the year.
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