By The BRICS bloc is currently on a transitional trajectory towards renewable energy in response to climate change, most member states have already made some progress in that regard and South Africa is following suit.
The Deputy President of South Africa, H.E Paul Mashatile told the BRICS New Development Bank (NDB) Energy Seminar on Saturday, 31 August 2024, held in Cape Town, South Africa, that South Africa has also made strides to transition from fossil fuel to renewable energy
He said the country is eager to learn from its counter parts on their successes of up-scaling renewable energy in their respective countries.
Mashatile further expressed his gratitude towards the NDB for their commitment in supporting South Africa by investing in its infrastructure. He said the Bank has loaned South Africa $5.6 billion over the past eight years.
“It is commendable that NDB has approved $2.3 billion for 10 renewable energy projects, including solar PV, wind, hydropower, biomass, and hybrid systems with storage. These projects aim to install a 2.8GW generation capacity, reducing over 4 million tonnes of CO2 emissions annually,” said Paul Mashatile.
Transnet is one of the key entities to the economy of South Africa and has been plagued with infrastructural problems over the years affecting its efficiency. To this, Mashatile revealed that NDB has plans to assist the parastatal in resolving its deficiencies in infrastructure.
“The Transnet project in particular is of utmost importance in guaranteeing a goods system that is internationally competitive, allowing for the continuous expansion and diversification of the country’s economy.
During our discussion, we agreed that the difficulty is the sluggish payment of authorised projects in South Africa. I discussed the matter with the Minister of Finance, Mr Enoch Godongwane, and his team at National Treasury, who promised to attend to it,” said the Deputy President.
“We are also impressed that the bank has appointed former National Treasury official Mr Monale Ratsoma as its Chief Financial Officer and Vice-President. We will work with you to ensure that the pledge that the bank made of USD 3 billion at the BRICS Summit comes to reality because it is focused on supporting our energy strategy,” he said.
The BRICS member states have made some progress towards renewable energy in their countries and Mashatile said South Africa is ready and eager to learn from China’s experience in rapidly scaling up renewable energy capacity and modernising its grid infrastructure.
India’s successes in promoting rural electrification and integrating large-scale renewable energy projects. Brazil’s expertise in hydroelectric power and bioenergy, and Russia’s strategies for managing a vast transmission network and its progress in nuclear energy.
Paul Mashatile said South Africa hopes to gain insight in effective models for private sector participation in transmission infrastructure development, strategies for balancing grid stability with the integration of variable renewable energy sources and innovative financing mechanisms for large-scale energy projects.
