South Africa urged to act with urgency to build a net-zero economy

South Africa needs to act now and transition to a low-carbon, climate-resilient and competitive economy to unlock new green opportunities and avoid the “massive” cost of inaction around climate change, a report recently published by the National Business Initiative (NBI), in partnership with Business Unity South Africa (Busa) and the Boston Consulting Group (BCG), has found. The NBI-Busa-BCG Climate Pathways project last week published the ‘Financing South Africa’s Just Transition’ and ‘South Africa’s Net-Zero Transition’ reports.
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AfDB approves R2.2bn loan to DBSA

Development finance institution (DFI) the African Development Bank (AfDB) group has approved a R2.2-billion line of credit to the Development Bank of Southern Africa (DBSA) to expand its portfolio with strategic projects in energy, infrastructure and communications technology in the Southern Africa region and elsewhere in Africa. The DBSA is seeking to raise $1-billion (R19-billion) in funds over the next three years, to expand its portfolio and focus on clean and renewable energy, infrastructure, information and communications technology and social as well as women-owned projects in the Southern Africa Development Community region.
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Climate change effects weighing heavier on African citizens – EIB

An Africa edition of the ‘2022 Climate Survey’ conducted by the European Investment Bank (EIB) has found that 88% of African respondents believe climate change is already affecting their everyday life, while 61% believe that climate change and environmental damage have affected their income or source of livelihood. The effects to income and livelihoods are typically a result of severe drought, rising sea levels or coastal erosion, or extreme weather events such as floods or hurricanes.
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Zimbabwe proposes incentives for $1bn solar projects

Zimbabwe has proposed incentives to accelerate 1 000 MW of privately owned solar energy projects worth about $1-billion, Finance Minister Mthuli Ncube announced on Monday, as the country scrambles to plug an electricity deficit that threatens to compound its economic woes. The southern African country is currently generating about a third of its 2 000 MW peak power demand and experiencing up to 18 hours of power outages daily after its main Kariba hydropower plant cut electricity generation due to low water levels. The country’s ageing coal plants are prone to frequent breakdowns, impacting mines, industry and households.
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City Power slashes power outage backlog calls after Eskom agrees to a load shedding reprieve

City Power has managed to slash its power outage calls backlog to 2 000 from 5 000. Most of the calls are due to the heavy flooding on 5 and 6 December. 
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