The unemployment rate of 29%, the highest since the 2008 recession, equates to 6.7-million able-bodied individuals between 15 and 64 years old who are excluded from the labour force. Regarding the extended definition of unemployment, including discouraged work-seekers, the picture becomes even grimmer, with about 10-million people out of work.
Despite coal’s contribution to the economy in past years, the sector is under attack on several fronts, reflecting a global shift away from coal towards gas and renewables. While there is no question about the need to move towards cleaner energy sources, the wholesale rejection of a coal sector that has kept — and continues to keep — the lights on is alarming.
In terms of coal endowment, SA is ranked ninth in the world with 30-billion metric tons of the world’s premium-grade coal resources. What should have been a watershed moment for black industrialists in this country is turning into an enormous missed opportunity to transform the sector equitably.
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