Eco Minute 13:30

BULLETIN 30 January 1:30 pm

Good afternoon, here is your Eco Minute:

# The National Nuclear Regulator has granted Eskom’s request to separate operational timelines for the two reactors at the Koeberg nuclear power plant. Located on South Africa’s West Coast in Cape Town, Koeberg is Africa’s sole operating nuclear power facility. Following a thorough safety assessment, the regulator approved extended operation for Unit 1 until July 21, 2024, and for Unit 2 until November 9, 2025.

# Climate change poses a significant threat to South African insurance companies, raising premiums and reinsurance costs. The country’s largest insurer, Old Mutual, has seen reinsurance costs rise up to 30-percent due to increased frequency and severity of catastrophic events. With payouts exceeding 100-billion-rand for pandemic, floods and riots in recent years, the industry faces substantial challenges. South Africa’s vulnerability to climate change, ranked 96 out of 182 countries, jeopardizes its economy, heavily reliant on rain-fed farming and natural resources.

# And finally: The European Commission’s Energy4Europe says member states will need to ramp up financing to meet the European Union’s renewable energy production targets. Under the REPowerEU Plan, the headline 2030 target for renewables at the EU level has increased to 45-percent, in a bid to cut Europe’s energy dependency on Russian gas before 2030. Up to 80-percent of the EU’s energy needs are dependent on imports. Energy4Europe says current geopolitical rifts act as an additional barrier to investment, raising concerns about supply chains to further increase renewable energy capacities in the EU.

Stay tuned for more news………….