City catches a glimpse of how green economy keeps on going

STATEMENT BY THE CITY’S MAYORAL COMMITTEE MEMBER FOR ECONOMIC OPPORTUNITIES AND ASSET MANAGEMENT, ALDERMAN JAMES VOS.

I recently visited businesses that operate in the Green Economy space to see first-hand how they are continuing operations under the Level 4 lockdown regulations. I was joined by, Green Cape, the City’s catalytic green economy sector partner, who primarily focuses on growing and promoting the industry.

It is encouraging to see that through these difficult times, organisations find new methods to consistently put out products with a reduction in workforce of over 70%.

I visited SolarMD situated in Montague Gardens and SustainPower in based in Brackenfell.

SolarMD is a local manufacturing company that specialises in commercial and industrial Lithium-Ion battery storage solutions. SolarMD’s core focus is to bring new solutions to the marketplace based on the increasing need for quality solar UPS and backup systems.

While, SustainPower’s vision is to become the leading African manufacturer of containerised solutions for sustainable power generation from biogas, landfill gas, natural gas and other sustainable and alternative energy sources such as solar and wind. I am happy to announce the organisation’s SustainFlex unit, which a temporary facility operating on green electricity, is set to be launched next week to aid in the fight against the COVID-19 pandemic.

Service providers are seizing the opportunity to broaden their market offerings in response to changing demands due to the unstable supply of electricity.  The South African energy services market holds opportunities for equipment suppliers, project developers, technical advisors, and financial investors. The myriad of economic advantages of renewable energy sources includes an increase in local employment opportunities, consumer choice, income development community development and creating economic development. The important role this sector plays in providing sustainable energy solutions is undeniable.

The main factors driving the growth of the energy services market are the electricity prices; decreasing technology costs; supportive policies; regulations and tariffs; and innovative finance options have all played an important role in driving the growth of the energy services market.

It is predicted that the energy storage market will become the cornerstone of the future energy services market. There is an emerging opportunity for investors “Behind-the-meter battery storage” in this industry. Research indicates that there are eight storage applications most likely to gain traction in South Africa before 2035. These include applications for solar PV self-consumption, and backup power represents the behind-the-meter opportunities for high-end customers. Increased resource adequacy, grid management (voltage and frequency), and capital expense deferral are some of the opportunities for distribution utilities.

The Green Economy and working with partners like Green Cape will remain a key priority to promote the City’s quest to find sustainable energy solutions.