Johannesburg – The National African Federated Chamber of Commerce and Industry (Nafcoc) has called on the government and the mining industry to include young black entrepreneurs as the country ramps up investments in energy projects.
The lobby group comprises over 20 industry-specific sectors of the economy with a total membership of about 2.3-million.
Refilwe Monageng, Nafcoc’s Gauteng spokesperson, said with a significant policy shift away from keeping Eskom’s monopoly in power generation in the country, companies would soon be able to generate up to 100MW of power, which was substantially higher than the existing legislated cap of 1MW.
“We are delighted with this development as it allows ordinary companies and IPPs to now contribute significantly to the country’s energy requirements and it also creates an environment that is conducive to investment in clean energy in South Africa,” Monageng said.
Government’s decision last month to raise the threshold for embedded power production to 100MW has been welcomed by the mining industry as an opportunity for local mining companies to boost investment in renewable energy and ensure their long-term sustainability With the local mining sector relying on coal-fuelled power supplied by Eskom, South Africa has been particularly slow in achieving emission reductions.
Mining giant Harmony Gold has already said it plans to install 100MW of renewable power in two years.
Monageng added that the private sector had the financial and technical resources to help break through the barriers that stifle black entrepreneurs in mining.
“We call on the mining industry to include young black entrepreneurs as it ramps up investments in energy projects. Youth unemployment, especially in previously disadvantaged communities, is unacceptably high, and we cannot hope to achieve sustainable growth as a country if it continues to be near impossible for black people to meaningfully participate in key industries like mining,” she said.
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