South Africa could achieve higher economic growth if it moves away from coal and adopts renewable energy sources, a report by the World Bank shows.
The Country Climate and Development Report (CCDR) for South Africa was released on Tuesday, ahead of COP27 which kicks off on Sunday, 6 November, in Sharm el-Sheikh, Egypt. The launch was co-hosted by the World Bank and the Presidential Climate Commission.
The report lays out three important transitions for South Africa – this includes a low-carbon transition whereby greenhouse gas emissions are reduced by moving away from coal. The second, a resilient transition, is about putting in place mechanisms to enable vulnerable sectors and communities to withstand or bounce back from climate impacts such as droughts, floods and heatwaves. The third is a just transition which protects the poor and vulnerable from being adversely impacted by taking steps to achieve climate goals.
Overall, the combination of these transitions is expected to cost R8.5 trillion or 4.4% of GDP per year between 2022 and 2050.