South Africa
South Africa will need to spend $250 billion over the next three decades closing down its coal-fired power plants and replacing them with green energy, according to a report released on the sidelines of the World Economic Forum said on Thursday.
$125 billion of the total investment, is needed to ramp up wind and solar power projects as the country suspends coal-fired plants that currently supply the bulk of its energy needs, the documents reveal as reported by the Reuters.
The report was produced by academics at South Africa's Stellenbosch University in conjunction with the Blended Finance Taskforce, a body set up in 2017 to help mobilise large-scale private capital in a bid to end poverty in line with the United Nations' Sustainable Development Goals.
In addition to closing down the country’s coal-fired plants and building wind and solar power plants, households that have been affected by the change would also have to be compensated. The Blended Finance Taskforce and the Centre for Sustainability Transitions at Stellenbosch University said.
The report also states that Most of the money will need to come from the private sector, according to the study.
South Africa is the world's 12th biggest emitter of climate-warming gases and the biggest in Africa. In November, the United States, Britain, France, Germany and the European Union agreed to offer an $8.5 billion package to help South Africa accelerate its transition from coal, although exact details and timelines are still being discussed.
"It will take at least $250 billion spent over the next three decades to transition to a low-carbon, more equitable energy system in South Africa under an ambitious decarbonisation scenario (coal off by 2040)," the authors said.
Go to video
Paris Olympics: With the opening ceremony minutes away, get to know the African flag bearers
01:30
UN report says around 733 million people globally faced hunger in 2023
01:58
A twice-yearly injection offers 100% protection against HIV in trial of young women
01:00
Pics of the day: July 19, 2024
01:00
Pics of the day: July 16, 2024
02:20
Charlize Theron raises over $1 million at annual block party for Africa outreach project