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Monday, November 10, 2008.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

The Department of Minerals and Energy and the Development Bank of Southern Africa have established a renewable energy market transformation programme. This is to assist investors in overcoming some of the obstacles and barriers preventing growth in the renewable energy sector.

Some 8,3-million dollars in funding has been made available for the programme. This came from government and global financial institutions, namely the World Bank, through its global environment facility.

REMT project coordinator Moses Chundu said that the project's aims are to "remove the barriers and reduce the implementation costs of renewable energy technologies. It is also to promote on-grid electricity for renewable energy sources.

The fund will assist the DME in reaching its target of 10 000 GWh of electricity to be generated from renewable sources by 2013.

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On Friday, President Kgalema Motlanthe said that South Africa's economy would slow in 2008. But, a healthy banking sector would stave off a recession even in the face of global financial turmoil.

Motlanthe said in a speech in parliament that South Africans had to lower their expectations for growth, along with other emerging markets.

The National Treasury in October cut its growth forecast for 2008 to 3,7%, falling to 3% a year later, much slower than the 5% the economy has averaged in the last four years. It cited the deteriorating global economic outlook.

Motlanthe said South Africa should be spared the worst of the crisis due to the health of the local financial sector.

Also making headlines:

The DTI factors in a weaker rand as it prepares to scale up its industrial programmes.
China is to boost the economy in a global anti-crisis push.
Necsa launches a nuclear skills development centre.
And, France says the International Monetary Fund must end its 'imperialist' ways.

That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.

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