SA needs to invest in renewables

By Johnathan Paoli

Electricity and Energy Deputy Minister Samantha Graham-Mare has called on businesses and the country to cooperate and invest in renewable sources of energy in the face of serious increases in carbon taxes.

She said the government’s priority was protecting jobs and strengthening South Africa’s economy.

“By embracing renewable energy, we’re not only reducing emissions but creating new opportunities for growth, securing our industries’ future and keeping South African businesses competitive in a global market that values sustainability,” she said in a statement.

The deputy minister said that with coal still powering nearly 80% of South Africa’s electricity, the upcoming Scope 2 tax on indirect emissions and the European Union’s Carbon Border Adjustment Mechanism threatened to raise costs for businesses and put R52.4 billion in exports at risk.

By 2034, South African companies could face up to a 60% increase in electricity costs due to these new carbon