South Africa is renowned for its majestic mountains, diverse wildlife, and especially its abundant sunlight. In fact, the South African Department of Energy reports that most areas in the country average over 2,500 hours of sunshine annually.
Amidst the current energy crisis, it has become crucial to exploit the sun's energy, a resource with significant potential for power generation.
Lungisa Fuzile, CEO of Standard Bank SA, states, "Our country's geographical location, climate, and weather conditions are conducive to wind and solar power, and to some extent hydro. This presents us with an opportunity to expedite the generation of energy from these cleaner alternatives.
"Standard Bank is committed to financing the clean energy transition responsibly, considering the economic impact on coal-mining towns.
"We must ensure that regions historically reliant on coal mining, the towns that developed from coal, and the industries dependent on coal-fired power stations, do not become neglected, preventing extreme poverty during the transition. This is the essence of a just energy transition," he elaborates.