MATTHEW CRUISE | Climate tech will save planet and rev up economy

All of that money has had to find other places to go and one of the biggest beneficiaries has been climate tech. It should hardly be surprising then that estimates from McKinsey suggest that next-generation technologies could attract between $1.5 trillion and $2 trillion of capital investment per year by 2025.

Given that South Africa reportedly needs about R1.5-trillion for its own energy transition, it would only make sense for it to do everything in its power to attract the money available for investments, including creating the best possible conditions for the manufacturers, sellers, and installers of climate tech.

But climate tech can do much more than that. It’s also essential to creating much-needed jobs and building up skills that will increasingly be in demand in South Africa in the near future. By one estimate, renewables alone could create around 250,000 jobs in 25 years. In a country with an unemployment rate north of 32%, that’s not to be sneezed at.

As important as they are, renewables aren’t the only avenue for job creation when it comes to climate tech. Skilled installers, for instance, are required for energy management devices such as geyser timers. And as those devices become smarter, they’ll require support. That’s to say nothing of sales staff and all the various other functions needed to keep companies running smoothly.

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