A call on the Minister of Finance to insist that the DBSA and IDC invest in a clean energy future with social and climate justice at the heart of transition away from fossil fuels.
#PublicFinance4Climate – Invest in the future, stop funding fossil fuels.
South Africa needs to urgently do its part in tackling the climate crisis. The country’s Public Finance institutions, specifically the Development Bank of Southern Africa (DBSA) and Industrial Development Corporation (IDC) can be powerful forces in driving a just transition to renewable energy and away from fossil fuels. Unfortunately, they pour billions of Rands of public money into fossil fuel projects, investing in the climate crisis.
As public finance institutions, with mandates to contribute to sustainable economic development and social progress, they have a responsibility to invest in a clean energy future with social and climate justice at the heart of transition away from fossil fuels.
To get there, we are calling on the Minister of Finance to insist that the DBSA and IDC abide by the following demands:
Any new investments in coal will block a just energy transition to renewable energy. The potential losses for South Africa’s economy are huge. We don’t need to tell you about the consequences or our climate and all of us. Our finance minister can be a climate and economic superhero. Step up Tito Mbowein.
350Africa is calling on the Development Bank of Southern Africa (DBSA) to publically commit to not funding Thabametsi coal-fired power station.
The impacts of climate change are being felt in South Africa today more than ever, and developing another power plant in a water-stressed region stands to threaten communities living in Lephalale. In order to avoid catastrophic climate change, no new coal infrastructure should be built.
While we welcome the Development Bank’s investments in renewable energy initiatives, these positive steps risk being undermined by support for coal infrastructure. Instead, DBSA can play a bigger role in scaling up action on climate change and delivering on the ambitions that South Africa committed to during the global climate talks held in Paris in 2015.
The Life After Coal campaign has made great strides towards stopping Thabametsi and other coal-fired power station projects from going ahead, and we are joining this struggle, focusing on the institutions financing Thabametsi.
We’re calling on the DBSA to commit to not financing Thabametsi coal-fired power plant. It is an opportunity for them to stand out and be a leader amongst financiers in South Africa, and not waiver from fulfilling their development aims of improving affordable energy access for all South Africans.
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350Africa is calling on the Development Bank of Southern Africa (DBSA) to publically commit to not funding Thabametsi coal-fired power station because of the devastating effects this will have in Lephalale, Limpopo, South Africa.
Emissions from Thabametsi are going to be far worse than Eskom’s newest coal-fired power stations, Medupi and Kusile, and even worse than some of the country’s older power plants. Thabametsi should not even be considered because it uses some of the most polluting coal-burning technologies, with a contribution to climate change to match. What is worse, is that the effects of coal on many South Africans are insurmountable. Poor health, conflict, broken homes are but some of the effects of coal.
While we applaud the DBSA’s backing of renewable energy initiatives in South Africa, these positive steps run the risk of being undermined by pouring money into projects like Thabametsi. Renewable energy like wind and solar is not only cleaner but cheaper. Renewable energy works.
We’re calling for a shift in South Africa’s energy system and that begins with putting a stop to plans for any new coal infrastructure. This May, your petition will be delivered to the DBSA as part of a wider regional movement for a coal-free Africa.
Compared to a least-cost energy system that combines wind, solar, and gas, the inclusion of new coal plants in South Africa’s energy future is set to cost the country’s electricity consumers an additional R19.68 billion. This figure could be better invested in building South Africa’s economy, social protection systems and a just transition pathway.
The Minister announcing a 5th round of the renewable energy supply auctions (REIPPPP) and allowing municipalities to source power from these projects directly (those that can afford it) is good news. What South Africa really needs, however, is a visionary plan for a just transition to renewable energy, not only adding more here and there in the quickest way possible.
We’re calling on the Minister of Finance Tito Mboweni to make sure no more public money funds fossil fuels, and instead, public finances must fund a just transition to renewable energy.
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