• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 3 days Bad news for e-cars keeps coming
Texas is Leading U.S. GDP Growth, Fueled by Oil and Energy

Texas is Leading U.S. GDP Growth, Fueled by Oil and Energy

The Southwest and Southeast outpaced…

Tata Steel's Electric Arc Furnace Project in Limbo

Tata Steel's Electric Arc Furnace Project in Limbo

Tata Steel expressed concerns about…

South Africa Seeks Renewable Energy Procurement Proposals

South Africa has issued the first request inviting proposals for renewable energy procurement for 3,740 megawatts (MW) in the biggest such program in Africa. 

“The release of this Phase One RFP comes at an opportune moment, with government remaining steadfast in eradicating the electricity and water supply challenges, and the rampant landfill shortages our country continues to face,” South Africa’s Public Works Minister Sihle Zikalala said in a statement carried by Bloomberg

Currently, coal is the major energy source for South Africa, accounting for around 80 percent of the country’s energy mix. The country is also the world’s fifth-largest coal exporter

But South Africa is going through a significant energy crisis with daily rolling power cuts that are crippling the economy as state firm Eskom continually fails to boost generation capacity to keep pace with growing demand in recent years.  

Early this year, U.S. Secretary of the Treasury Janet Yellen said that the United States supports South Africa’s transition to cleaner energy and will help mobilize financing from the private sector to assist the coal-dependent country. 

The U.S., the UK, France, Germany, and the EU are mobilizing an initial $8.5 billion to catalyze the first phase of South Africa’s Just Energy Transition (JET) Investment Plan as part of a long-term Just Energy Transition Partnership (JETP) signed in 2021.

“The financial package of $8.5 billion is a substantial down payment. Importantly, it is designed to mobilize additional money from the private sector and philanthropies, and I will meet with representatives from both groups later today,” Secretary Yellen said in January this year. 

Under the just transition plan, South Africa will invest in job retraining and reskilling, cash payments to support displaced workers while they find new employment, and redevelopment of former coal mines and coal power plants as clean energy production sites and other productive uses. 

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News