Fossil subsidies take the bulk of finance needed for an inclusive renewable energy sector

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Fossil subsidies take the bulk of finance needed for an inclusive renewable energy sector - Minerals and Energy Minister Gwede Mantashe agrees that green energy is cost competitive and calls for equitable ownership in the sector

and is the first estimate in 10 years of the total value of environmentally harmful subsidies across key sectors including energy, agriculture, transport and forestry.

Capital Coalitions is a global multi-stakeholder collaboration that brings together initiatives and organisations to harmonise approaches to managing natural, social and human capital. Aside from its effect on the climate, coal is no longer cost competitive when compared to solar and wind energy. The latest bidding round of the REIPPP showed that the average cost of solar and wind projects has fallen to just 47cents per kilowatt hour.

, was another red light for humanity. UN chief António Gutterres told the World Economic Forum that emissions from greenhouse gases causing the problem were still rising despite the need to cut emissions by 45% this decade.

 

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