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Thursday, July 2, 2009.
From Creamer Media in Johannesburg, I'm Amy Witherden.
Making headlines today:
While South Africa has commendable greenhouse gas emission reduction targets, and plays a positive role in international climate change negotiations, implementation and action on the ground is lacking.
Speaking at the launch of the Group of Eight climate scorecards report for 2009, World Wildlife Fund South Africa climate change programme manager Richard Worthington noted that with its significant dependence on coal, South Africa's per capita GHG emissions were only slightly lower than industrialised countries, and well above the developing country average.
Of the Group of Five developing nations, South Africa has the most comprehensive long-term strategy for GHG reductions into the future. However, action to realise these ambitions is required.
Worthington urged President Jacob Zuma to continue to take forward South Africa's strong stance on combating climate change.
The Industrial Development Corporation confirms that it has already spent more than R500-million assisting "distressed" companies affected by the domestic economic slowdown, and that it has set aside a total of R6,1-billion to assist others through the economic crisis.
The State-owned development finance institution also reports a strong 27% increase in funding approvals for the year ended March 31, 2009. In fact, approvals rose to a record R10,8-billion, with funding in the rest of Africa rising 38% to R2,9-billion.
CEO Geoffrey Qhena says that the IDC intends to inject more than R70-billion into the economy over the next five years, but also indicates that it will have to increase borrowings to meet that target.
Also making headlines:
Finance Minister Pravin Gordhan says that State spending growth will moderate as revenues fall and interest costs rise.
Gauteng Management Agency CEO Jack van der Merwe says that the Gautrain will cost an extra R300-million.
The African Development Bank invests $500-million for African trade finance.
And, the National Association of Automobile Manufacturers of South Africa says that the rate of decline in new car sales is starting to slow.
That's a roundup of news making headlines today. For more on these and other stories, please visit engineeringnews.co.za.