JOHANNESBURG – The Council for Geoscience (CGS) on Tuesday said South Africa had enough coal reserves to last for at least the next 50 years, but there wasn’t enough investment in this sector.
The CGS blasted banks for stopping investments in new coal projects.
Earlier this year, Nedbank and Standard Bank said they wouldn’t go this route because of environmental issues.
Eskom for one is heavily reliant on coal to generate electricity.
The CGS’ CEO Mosa Mabuza said: “We have fantastic coal resources in the land and we have no less than 60 billion tons of coal in the ground. We can use the coal responsibly and I’m calling on banks to be part of the solution.”
The International Energy Agency released a Coal 2019 Report, which predicted that global coal power was likely to decline next year.