South African Investment in `Green Energy' May Create Up to 300,000 Jobs

South African investment in “green energy” such as hydropower, solar energy and biofuels may create 300,000 jobs in 10 years, Economic Development Minister Ebrahim Patel said.

The government’s Industrial Development Corp., which will spearhead the development of a green economy, will invest 11.7 billion rand ($1.55 billion) in the industries over the next five years, he told a conference in Johannesburg today.

“We need to move with speed as countries around the world are competing to take a slice of the green economy,” Patel said.

A rich biodiversity, lots of sunshine, a long and windy coastline, as well as modern infrastructure, are competitive advantages for South Africa, the continent’s largest economy, as it seeks to attract green investments, Patel said.

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

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