Germany just blessed South Africa R9 billion … Here’s WHY
According to Daily Investor quoting a report from Bloomberg, Germany’s KfW development bank will bless South Africa with R9 billion. The agreement, which was set to be signed on Friday, will see the bank lending South Africa R9 billion (€500 million) towards renewable energy and its transition away from coal-fired electricity.
GERMANY BLESSES SA R9 BILLION
R9 billion from Germany will go towards a clean energy transition: Image: Pixabay
We’ve seen the vested interests and divisive forces of coal in South Africa. Chaos at Sasol that led to new leadership amidst worries it’s regressing on its climate targets. Then there’s private sector solar power solving Eskom’s problems right before its eyes. And Julius Malema of the EFF saying South Africa must never move away from coal.
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Nevertheless, the R9 billion from KfW in Germany forms part of much larger R160 billion ($8.8 billion) climate financing offered to South Africa back in a 2021. It’s an agreement known as the Just Energy Transition Partnership.
THE WORLD’S RICHEST NATIONS
Coal plants supply more than 80% of South Africa’s power. Image: Pixabay
The loan, doled out by the world’s richest nations, is intended to support the South African government to resolve the acute energy crisis. Beyond that, “The R9 billion will go towards a socially acceptable and ecologically sustainable restructuring of the South African energy sector and to combating climate change,” KfW said.
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With so much money on the line, it’s perhaps no wonder that the Just Energy Transition Partnership has been beset by delays and political infighting. This is not the only investment by Germany into Southern Africa for clean energy.
HYDROGEN IN NAMIBIA
A Water Electrolysis Hydrogen Generator for Hydrogen Energy Research. Picture: File.
According to Engineering News, a new green hydrogen pilot plant and refuelling station will be built in Namibia. Its goal is to gain scientific insights into upscaling green hydrogen.
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Germany’s Federal Ministry for Education and Research is providing €10 million for the pilot plant near Walvis Bay and has afforded a project budget of €1-million-plus to BAM. The 5MW pilot plant will serve as a testing ground for hydrogen production, componentry and handling.
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