Corporate Accountability and Human Rights: Aligning South African Business Practices with Constitutional Values
June 24, 2024
Energy Law
MVR Attorneys’ executive in the energy practice Nonkosi Koranteng, attended a Roundtable on Mobilizing Clean Energy Investments for South Africa, co-hosted by the DBSA and the World Economic Forum (WEF) held in Sandton on 13 June 2024.
The event marked the launch of the community paper titled ‘Mobilising investment for clean energy in South Africa.’ Please click the link below to view the report
Koranteng was part of the community that developed solutions to help accelerate financing for South Africa’s clean energy sector.
Please see below the background information on the establishment of this report:
During the first half of 2024, the World Economic Forum, supported by Accenture, collaborated with the Development Bank of Southern Africa (DBSA) to identify, prioritize and publicize the main barriers and solutions for South Africa to enable it to attract clean energy finance at the scale and pace needed to realize its ambition. Together they established a public–private working group of South African and international stakeholders from industry, finance and academia to explore solutions to unlock capital for clean energy investments in the country.
The working group selected four main focus areas for investment based on the investment gap and the importance of the remaining barriers: transmission and distribution, large-scale renewables, small-scale embedded generation (SSEG) and green hydrogen.
This report summarizes the working group’s main findings, including recommendations for improving the regulatory and policy environment as well as non-policy solutions to facilitate clean energy investment. The overarching aim is to support net-zero targets and a long-term just transition
- South Africa has set a goal of achieving net-zero greenhouse gas (GHG) emissions by 2050 while also ensuring its short- and long-term energy security. To reach this ambitious target, the country must reduce its emissions by 12–27% by 2030 compared with 2022, while restoring dynamic economic growth.
- This goal will require significant investment in renewable energy capacity, as South Africa has the most coal-dependent energy system of the emerging markets and developing economies (EMDE), as well as significant unserved energy demand.
- Fortunately, the country benefits from abundant renewable energy resources and a deep pool of capital, with Africa’s highest financial development index. Furthermore, important progress has been made in the past decade, with +14 gigawatts (GW) of renewable energy installed capacity.
The challenge now is to accelerate and scale the transition of the electricity sector by removing the barriers to the development of clean energy in the context of a just transition.
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