need to attract investment of US$14-billion if it is to develop a substantial green hydrogen industry, the head of the government’s climate finance task team said.of the climate-friendly fuel annually and a further $13-billion to attain a 270 000Mminele, a former central banker, was this year appointed to negotiate details of an offer of $8.5-billion in climate finance from some of the world’s richest nations to help South Africa cut its reliance on coal.
Mminele’s comments highlight South Africa’s desire to strike a balance between developed countries’ aims of seeing their funding reduce climate-warming emissions and the nation’s need to transition its coal-dependent economy to clean energy without jeopardising jobs and income. The offer of funds in the form of concessional loans and grants from the UK, US, France, Germany and the European Union was announced at the Cop26 climate summit in Glasgow in November. The donors expect the bulk of the funds to go toward closing down coal-fired plants and replacing them with renewable energy, a senior US official involved in the talks said in March.“The plan should include components that can be addressed in parallel to the energy investments,” Mminele said.
While South Africa is currently dependent on coal for more than 80% of its electricity, its abundant solar and wind power potential make it an ideal location for green hydrogen, which is produced using energy from renewable sources to split water to generate the clean-burning gas. South Africa doesn’t produce electric vehicles, although its car industry is one of the nation’s biggest export earners. European countries are imposing regulations that will see a rapid shift to the use of electric vehicles. —
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