South Africa's efforts to wean itself off coal and focus on renewables, battery storage, electric vehicles and setting up a green hydrogen economy would require funding of over a trillion rand ($63.70 billion) by 2030, a top government official said on Tuesday.
In November, the United States, Britain, France, Germany and the European Union agreed to offer a $8.5 billion package to help South Africa accelerate a transition from coal.
South Africa is the world's 12th biggest emitter of climate warming gases and the biggest in Africa. It is a coal-intensive economy where a fleet of decades-old and inefficient power plants provide a bulk of its electricity.
President Cyril Ramaphosa in 2020 had set up the Presidential Climate Commission to create a plan for South Africa's transition to a net zero economy by 2050.that laid out guidelines on transition in four major sectors of the economy - coal, automotive, agriculture and tourism. "We are working on the numbers, and different models project different numbers and there is also a big debate about energy mix... We think around a trillion rand by 2030, and three to four trillion rand by 2050 will be needed," Olver said, at the sidelines of a discussion held with the financial sector on the draft framework at the Johannesburg Stock Exchange .Register now for FREE unlimited access to Reuters.
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