South Africa could raise $60bn for green energy transition

South Africa might be able to collect roughly 1.13 trillion rand ($60 billion) over the next five years to finance the transit from fossil fuels to green energy, its Minister of Environment Barbara Creecy said on Wednesday.

Creecy is expecting that most of the finance may be come from the private investors as the government has eased regulations to allow businesses to generate their own electricity.

“This will need to be mobilised from various public and private sources such as multilateral development banks, international partner countries, private investors, philanthropies and the fiscus,” she added.