The industry could create 1.4 million jobs and generate as much as $30 billion (R518 billion) in annual revenue by 2050, according to Masopha Moshoeshoe, a green economy specialist in the South African Presidency’s investment and infrastructure office.
South Africa set its sights on attracting as much as $250 billion into its nascent green hydrogen industry by 2050 to take advantage of abundant solar and wind energy sources.
Green hydrogen, which is made by splitting water using renewable energy, is one of three key ways South Africa is pursuing to shift its economy away from a reliance on coal, which currently accounts for more than 80% of its electricity. The plan, included in a presentation by Moshoeshoe at the COP27 international climate conference in Egypt on Monday, would involve South Africa exporting as much as eight million tonness of the clean-burning fuel and its derivatives by 2050 and satisfying local demand of between two and five million tons, he said.
The war has driven up natural gas prices and threatened security of supply. Investment funds, governments and utilities are pledging to spend billions of dollars on markets for the clean fuel.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Are Red Flags About IS in South Africa Alarmist?Alarm bells about the threat of terrorism in South Africa have recently been sounding more stridently and more often, writes Peter Fabricius for the Institute for Security Studies (ISS). This comes after the U.S. Treasury imposed sanctions on South African-based brothers Nufael Akbar and Yunus Mohamad Akbar, as well as Mohamad Akbar and Umar Akbar, 'members of an [Islamic State] cell operating in South Africa who have provided technical, financial, or material support' to Islamic State of Iraq and Syria (IS). All four, the U.S. Treasury added, were associated with Farhad Hoomer, whom it described as the leader of the Durban-based cell. The U.S. had sanctioned Hoomer and three others in March for similar offences. Additionally, the U.S. Treasury issued a security alert about a possible terrorist attack in the upmarket Sandton commercial district during in October 2022. The ISS adds that the Financial Action Task Force - a global intergovernmental watchdog of money laundering and terrorist financing - seems likely to add South Africa to its grey list soon. This is partly because 'South Africa has failed to demonstrate that it is effectively identifying, investigating or prosecuting terrorist financiers or addressing terrorism finance through alternate measures.' Furthermore, U.S. actions against IS in South Africa are creating tensions with the authorities. In October, President Cyril Ramaphosa criticised the U.S.. for issuing the Sandton terror alert without consulting his government - although U.S. sources hinted that Pretoria had been informed.
Read more »
Africa: Drogba, Other Legends to Feature At Creative Africa Nexus WeekendPress Release - The former Chelsea star will share his experience alongside other experts; including three shortlisted Nigerians.
Read more »
The pros and cons of owning and renting for first-time homebuyers in South AfricaFaced with choosing to rent or buy for the first time? Here are some pros and cons.
Read more »
The cars you can afford with your salary in South AfricaA recent poll conducted by BusinessTech, which had a total of 7,500 responses, found that a bunch of South Africans are considering to buy a new car despite financing a car becoming more expensive due to high interest rates.
Read more »
Meet the new Mrs South Africa: Palesa Matjekane | Boksburg Advertiser𝗘𝘃𝗲𝗿𝘆 𝗳𝗶𝗻𝗮𝗹𝗶𝘀𝘁 𝗹𝗼𝗼𝗸𝗲𝗱 𝗯𝗿𝗲𝗮𝘁𝗵𝘁𝗮𝗸𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲𝗶𝗿 𝗱𝗲𝘀𝗶𝗴𝗻𝗲𝗿 𝗳𝗮𝘀𝗵𝗶𝗼𝗻.
Read more »
Ramaphosa stands firm on BEE and transformation laws in South AfricaConcern over the preservation of transformative business practices has risen to the surface after recently published laws on preferential procurement for organs of state came under scrutiny by government and black businesses alike.
Read more »