S.Africa to invest $3.7 bln in green energy

Apr 12, 2011
Steam billows from Kempton Park Power Station in Johannesburg last month. South Africa will invest 25 billion rand ($3.7 billion, 2.6 billion euros) to support a plan to ramp up renewable energy and the green economy, the economic development minister has announced.

South Africa will invest 25 billion rand ($3.7 billion, 2.6 billion euros) to support a plan to ramp up renewable energy and the green economy, the economic development minister said Tuesday.

"We believe 300,000 new jobs are possible in the green economy by 2020 if we move with speed to provide the right regulatory and investment environment," minister Ebrahim Patel told lawmakers.

Long criticised for its coal-reliance, hosts UN climate talks at year end and recently unveiled plans to double energy generation over 20 years, with 42 percent of the new coming from renewables.

"This will create a market for significant private investment," said Patel, presenting his department's 594.5 million rand budget.

"To support it, the IDC (the state-owned financing institution Industrial Development Corporation) will provide 25 billion rand over the next five years for green economy projects."

The green economy has been identified as one of six drivers to create five million jobs by 2020 and help drive down unemployment which is currently running at 24 percent.

Explore further: Expert calls for nuke plant closure (Update)

add to favorites email to friend print save as pdf

Related Stories

Australia targets 20 pct renewable energy by 2020

Aug 18, 2009

Australia on Thursday passed a clean energy law requiring the country to produce 20 percent of its power from renewable sources by 2020 in move that could draw billions of dollars of green investment.

S.Africa solar plan draws interest: government

Oct 29, 2010

South Africa's plan to build what could become the world's biggest solar project has drawn keen interest from investors even though it is still in its infancy, an official said Friday.

Recommended for you

Indonesia passes law to tap volcano power

16 hours ago

The Indonesian parliament on Tuesday passed a long-awaited law to bolster the geothermal energy industry and tap the power of the vast archipelago's scores of volcanoes.

Expert calls for nuke plant closure (Update)

Aug 25, 2014

A senior federal nuclear expert is urging regulators to shut down California's last operating nuclear plant until they can determine whether the facility's twin reactors can withstand powerful shaking from ...

Image: Testing electric propulsion

Aug 20, 2014

On Aug. 19, National Aviation Day, a lot of people are reflecting on how far aviation has come in the last century. Could this be the future – a plane with many electric motors that can hover like a helicopter ...

Where's the real value in Tesla's patent pledge?

Aug 20, 2014

With the much-anticipated arrival next month of electric vehicle manufacturer Tesla's Model S to Australian shores, it's a good time to revisit Tesla's pledge to freely share patents. ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Justsayin
not rated yet Apr 13, 2011
IDC (the state-owned financing institution Industrial Development Corporation) probably got its funding from the U.N. which came from the U.S. and Europe mostly.