The green economy can provide a sustainable solution to the electricity generation problems
10 January 2020
The green economy can provide a sustainable solution to the electricity generation problems our country is facing, according to Cape Town’s MMC for Economic Opportunities James Vos
The applicability of a single energy utility model is changing rapidly in a global context with the introduction of new technologies, which are cheaper, flexible, capable of being decentralised and more environmentally friendly.
This past week I visited several businesses to gain some insights on the real impact of the recent rolling blackouts on their operations. It is estimated that load-shedding could cost the country’s economy up to R4 billion in just one day.
When the power is cut, so are company sales. Likewise, when conveyer belts come to a halt at factories, so does production output, causing massive financial loss. The electricity outages especially compromise the hospitality industry, and results in job losses.
Therefore, I fully support the City’s court application to buy renewable energy from Independent Power Producers. This is vital for improving the energy security of our city and I hope that the result will be positive for the residents and businesses of Cape Town.
The green economy, which employs thousands, has the potential for further growth and can provide a sustainable solution to the electricity generation problems.
My department continues to work with other spheres of government and partners such as GreenCape to find sustainable green economy solutions. In the case of investment opportunities aimed towards renewable energy companies, through my department, the City provides funding to GreenCape as a strategic business partner to remove barriers and facilitate growth.
Energy efficiency presents a significant opportunity for investors and businesses. The estimated annual total available market currently stands at R3 billion, and is expected to reach R21 billion by 2035.
Since being established in 2010, GreenCape has helped to facilitate and support more than R17 billion of investment into the green economy. From these investments, more than 10,000 local jobs were created.
For more information on GreenCape solutions and support, please visit www.green-cape.co.za