Minister Ebrahim Patel told the National Assembly today that the Industrial Development Corporation (IDC) has committed to allocate R25 billion to new investments in the Green Economy over the next five years.
In addition to this, he said the Minister of Finance, Pravin Gordhan will next week announce further financial commitments that will be made in the budget, to promote opportunities in this sector.
He further stated that there were immediate successes in the green economy. "We have started with installation of solar water geysers in new low-cost houses and to date have 25 000 units installed through a partnership that includes the IDC,” he said.
"With a further 170 000 units planned, this project will contribute to employment creation as well as strengthening the local manufacture of components as we intend to improve the sourcing of components to at least 85% local content shortly."
Government was also finalising a beneficiation strategy to incentivise the greater processing of minerals locally, where possible to final consumer or capital goods production as part of the approach to create more decent work opportunities. Some of the key value-chains include iron-ore, coal and platinum. “We are working on is a project to set up the world’s first integrated metals plant beneficiating titanium, zirconium, vanadium, magnesium and silicone, which if it is confirmed through the feasibility study being undertaken, will involve a R15 billion investment and can create more than 7 000 jobs in construction as well as the operation of the plant,” Minister Patel said.
