South Africa has made remarkable headway in cultivating renewable energy over the past few years, turning the country into one of today's leading producers of renewable energy in Africa, the media reported, citing a study by the consulting firm, Fitch Solutions.
One of the major determinants of South Africa's progress on this track has reportedly been the government's Renewable Energy Independent Power Producer Procurement Program (REIPPP).
Launched in 2011, this government program aims to purchase 3,000MW of renewable energy from independent power producers (IPPs). The program proved successful, the report noted, with more than 100 IPPs being contracted under the project.
"The program has helped to increase the country’s renewable energy capacity, and it has also helped to create jobs in the renewable energy sector," the report stressed.
Another crucial driver of South Africa's success in this area has been the declining cost of renewable energy technologies.
The price tag for solar and wind power has dropped significantly in recent years, the document pointed out, making these technologies more competitive with traditional fossil-fuel power plants.
The analysis predicts a "bright" future for South Africa in renewable energy, since the continent's southernmost nation is rich in renewable energy resources, and the government "is committed" to developing this field.
"The government has set a target of 100% renewable energy by 2050. This target is ambitious, but it is achievable with the right policies and investments," the report concluded.
On Thursday, speaking at a financial summit in Paris, South African President Cyril Ramaphosa remarked that the energy transition must be "country-led and owned."
The leader also mentioned that South Africa is going through an energy shortage challenge and is still 90-percent dependent on fossil fuels.