Ramaphosa confident energy transition will end load shedding, create jobs

Ramaphosa used his weekly newsletter on Monday to extoll the virtues of the ‘just energy transition’.

It comes on the back of Ramaphosa attending a global summit on financing development and climate action in developing economies in Paris last week.

South Africa is estimated to need around $98 billion over the next five years to enable a just transition towards a low-carbon economy.

"With improved funding for our just energy transition, we will be able to invest substantially in strengthening our electricity grid and new renewable energy generation,” Ramaphosa wrote.

"We are working to accelerate the implementation of our Energy Action Plan and Economic Reconstruction and Recovery Plan so that we can end load shedding, grow the economy, create jobs, and secure a reliable and affordable supply of electricity."

Ramphosa believes the country's enhanced funding will create jobs in new industries, including the manufacturing of electric vehicles.

"This funding will also enable us to develop new industries, such as electric vehicles and green hydrogen, which will increase our industrial output and create jobs for the economy of the future.

"Through such funding, we can increase our investment in infrastructure, expanding the capacity of our economy and reducing the costs for emerging businesses," he added.

Ramaphosa reiterated his call for a fundamental overhaul of the international financial institutions responsible for supporting development worldwide.

"These bodies, which include the World Bank and International Monetary Fund, should be restructured to be more inclusive and responsive. They should provide funding in a way that does not increase the debt burden of countries that are already struggling to service their debt."

ALSO READ: