The Progressive Business Forum (PBF) has hosted an event themed “Energising South Africa and Fostering Economic Growth” this month, focusing on the country’s energy sector and the role it plays in the growth of the economy.
South Africa’s Minister of Electricity and Energy, Kgosientsho Ramokgopa was one of the main contributors among a host of dignitaries including ANC Secretary General Dr Gwen Ramokgopa in her capacity as PBF Chairperson, Elizabeth Thebe who is the CEO of PBF and multi-award winning South African entrepreneur and advertising industry guru, Groovin Nchabeleng.
At the event, held on Wednesday 17 July, ahead of the joint sitting of the 7th Parliament, Kgosientsho Ramokgopa, addressed the significant role of planned energy mix and its impact on future supply.
According to DepiMedia, the minister emphasized the importance of country’s “big six” minerals” – copper, platinum group metals, uranium, lithium, nickel and rare earth elements in reducing greenhouse gas emissions and transitioning to cleaner electricity generation.
Ramokgopa expressed the necessity of an integrated industrial policy to help drive economic growth, emphasizing the significance of South Africa’s natural gas discoveries in shifting from coal-fired power to gas-fired alternatives.
He noted that the discoveries are crucial as domestic gases offer cost-effective options, protecting the country from price fluctuations and currency risks.
South Africa’s current energy landscape
Historically, South Africa has been reliant on coal for its electricity generation, with coal-fired power plants accounting for a larger portion of its energy mix. The dependence on coal has significantly contributed to the country’s greenhouse gas emissions making it one of the largest carbon emitters in Africa.
The negative impacts of climate change, technological advancements and evolving global trends have inspired South Africa to reassess its energy strategy. The country has now realised the need to reduce carbon emissions, diversify its energy sources and create more sustainable development practices.
Role of Renewable Energy
Renewable energy has become a critical element of South Africa’s energy future. The country has some of the world’s best solar and wind energy potential. The Renewable Energy Independent Power Producer Procurement (REIPPP) program has successfully attracted private investment in renewable energy projects, thus reducing costs and increasing deployment.
The solar photovoltaic and wind power projects have contributed significantly to electricity generation capacity. These projects reduce greenhouse emissions, create jobs, stimulate local economies and enhance energy security by diversifying the energy mix.
Benefits
South Africa’s transition to clean electricity generation has several economic and environmental benefits. By reducing its reliance on the imported fossil fuels and ultimately lowering the impact of climate change, the country can enhance energy security, reduce air pollution and improve public health outcomes.
Investment in both renewable energy and energy efficiency measures can enhance economic growth, attract foreign investment and enable new markets to emerge for green technologies and services. It can position South Africa as a regional leader in sustainable development and climate change.
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