Eco Minute 13:30

BULLETIN 18 August 1:30 pm

Good afternoon, here is your Eco Minute:

# Despite Eskom’s improved operational performance, South African companies are increasingly investing in alternative energy to reduce reliance on the power utility and mitigate rising electricity costs. This is according to Stanlib chief economist Kevin Lings. A report from Green Cape has estimated that the private sector will add a further six-thousand-megawatts of solar power and three-thousand-500-megawatts of wind power in the country by 2030. Lings says repeated above-inflation increases in electricity tariffs have resulted in companies looking for alternatives to Eskom to try to reduce costs. 

# The Namibian Ports Authority abruptly cancelled a pre-qualification tender for a new oil and gas supply base at Lüderitz, just days after its launch. Namibia, an exploration hotspot following a string of offshore discoveries by Shell, TotalEnergies, Galp and Rhino Resources, has ambitions to deliver the first oil by 2030, with Lüderitz being designated as the country’s energy hub. Mayor Phillipus Balhao says the town had high hopes for the port’s development:

# And finally: A report has stressed that Africa should hold more of its own climate summits to secure a fair deal on phasing out fossil fuels and financing renewable energy. According to Down To Earth, Africa needs approximately 33-trillion-rand by 2030 to transition, but most climate funds arrive as debt-inducing loans. Despite contributing less than five-percent of global emissions, Africa remains highly vulnerable, with nearly 600-million people lacking electricity. They call on the upcoming Africa Climate Summit in Ethiopia to push for justice, finance, and indigenous climate solutions.

Stay tuned for more news………….