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Feb 13 2012 07:58
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Feb 12 2012 15:59
Moral hazard, financial weapons of mass destruction, a huge mess - these were the words used by a founder member to sum up the collapse of the Pinnacle Point Group.
Copenhagen - South Africa and Eskom came under fire in Copenhagen from non-governmental groups which claimed the country was not serious about combating climate change.
South Africa's commitments here, at the United Nations Conference on Climate Change, are, according to its critics, inconsistent with decisions related to energy investments.
A new report from the Groundwork organisation, entitled The World Bank and Eskom: Banking on Climate Destruction, sharply criticises the World Bank for funding Eskom's investments in two new coal-fired power stations.
The bank granted Eskom a $3.7bn (R27.8bn) loan for the construction of the Kusile and the Medupi power stations.
Siziwe Khanyile of Groundwork and Friends of the Earth South Africa says there is nothing ambitious about Eskom's plans to build more coal-fired power stations while the country has abundant potential for renewable energy.
Ferrial Adam of Earthlife Africa Centre contended that South Africa, with its huge per capita carbon footprint, can hardly afford more coal-fired power stations if it is serious about its commitment to reduce its greenhouse gas emissions.
South Africa conditionally committed itself to a 34% reduction of greenhouse gases from the current baseline by 2020, should it receive adequate financial support from developed countries for its plans, and if an ambitious new climate agreement can be concluded.
South Africa is currently one of the world's top 20 greenhouse gas polluters, and continues to rely largely on its plentiful coal reserves.
The International Energy Agency (IEA) warns, moreover, that the world will have to take a considerable number of its coal-fired power stations that are still operating by 2030 out of service - before the end of their useful life - if the necessary greenhouse gas limitations are to be realised and global warming arrested.
Nobuo Tanaka, executive director of the IEA, said that about 60% of global electricity production by 2030 should consist of a mixture of renewable energy (37%), nuclear power (18%) and coal-fired power stations with collection and storage technologies for carbon dioxide (5%).
A dramatic shift in motor sales is also necessary so that hybrid, plug-in hybrid and electrical vehicles make up 60% of all new sales by 2030, compared with the current 1%.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.