OUR BURNING PLANET: Financing new coal is the quick road to financial and environmental ruin

On 1 July 2019, South Africans will be paying more for electricity when the recently approved 14% Eskom tariff hike by Nersa is enforced. This hike is set to occur alongside rising food and fuel costs and will add financial pressure on South African households, hitting the poorest consumers the hardest.

By 2017, as much as $60-billion of the value that the country could have expected to earn from its coal resources based on 2013 business-as-usual forecasts has already been lost. While R2-trillion is a staggering figure, this level of loss does not take into account the extra burden that new investments in coal-fired power stations could add to South Africa’s transition risk. If the government goes ahead with financing the proposed Thabametsi and Khanyisa coal-fired power stations, through the Coal Independent Power Producer programme, an additional R39-billion will be added to the potential transition risk.

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