The jobs and foreign exchange earnings provided by the industry far exceed the concessional financing currently on offer to switch to alternative energy sourcesThe future of coal, its mining and use are in the balance as governments continue to discuss how best to tackle the causes and mitigation of climate change. In the process they are reaching deals, the most recent two being the Paris and Glasgow agreements of 2015 and 2021 respectively.
State-owned power utility Eskom, supported by government and with the fiscus guaranteeing its debt, embarked on a multibillion-rand investment in the Medupi and Kusile coal-fired power stations in an attempt to ensure energy security, while also maintaining and using its other long-established coal-fired plants.
According to Canyon Coal, demand from China and India amounts to 3.5-billion tonnes and 1-billion tonnes, respectively, with demand from the US and Europe only slightly below that of India. Most of SA’s coal exports go to China and India. As reflected on coalage.com, in the two years from February 2020 SA’s coal exports to China grew by 1.25-million tonnes.
As economist Chris Hart argued in Business Day, shutting coal-fired power stations will mean costlier electricity, fewer jobs and the country’s relegation to the fourth division internationally .
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