Organisations say South Africa continues to invest billions in fossil fuels
A new report released by environmental organisation Friends of the Earth US and research, communication and advocacy organisation Oil Change International states that South Africa provided at least R2.2-billion a year in trade and development finance for coal projects between 2016 and 2018.
The report found that, in total, Group of 20 (G20) countries have been providing at least R1.1-trillion a year in public finance to oil, gas and coal projects since the Paris Climate Agreement was signed.
This is more than three times what they are providing to clean energy, the report states.
As South Africa prepares stimulus packages in response to Covid-19, the report, ‘Still Digging’, highlights that its public finance to date has not been aligned with a job-rich, clean energy future.
The report urges South Africa and other G20 governments to stop using public money to prop up the fossil fuel industry and instead invest in a just and sustainable recovery.
The report analyses support coming from G20 export credit agencies and development finance institutions, as well as the major multilateral development banks from 2013 to 2018.
Since the end of the study period in 2018, South Africa’s public finance institutions have also announced support for Total’s Mozambique liquefied natural gas and MC Mining’s Makhado coal mine among other new fossil fuel projects that are not reflected in the study.
The report also does not include the G20’s direct subsidies for the industry through tax and fiscal subsidies, which are an estimated additional R1.1-trillion a year.
South Africa’s direct subsidies for coal alone are about R58-billion a year, with nearly all of this made up of support to State-owned power utility Eskom.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
