The power utility corporation has denied that a move to acquire a grant amounting to P2 billion from Green Change Fund (GCF) was a result of Botswana Power Corporation’s insolvency.
Botswana Power Corporation is one of the companies that have shown interest in acquiring funds from GCF to fund their utility roadmap on renewable energy.
The power utility maintains that as the world move towards green energy the corporation will not be left behind in finding alternative ways of producing electricity from renewable energy as opposed to using fossil fuels.
‘We need to strike a balance as country since we have been relying on coal to produce electricity. We utilised it in Morupule where it created jobs for locals and also played part in the economic aspect of Palapye,’ BPC CEO Stefan Peter Swarzfischer.
Swarzfischer is of the view that the corporation has to dance to the same tune with other countries when it comes to investing in renewable energy to reduce green house emissions which in turn contribute to effects of climate change.
Swarzfischer further posit that the power utility should also be seen to be playing part in reducing CO2 emissions that have brought disaster and drought to human race.
Swarzfischer indicated that drumming up to renewable energy goes along way the Botswana policy in reducing Green House Gases (GHGs) emissions which Botswana has shown its commitment is reducing emissions by 15 percent by 2030.
Swarzfischer confirmed that indeed that the power utility is one of the companies that have shown interest in the country’s concept paper that is to be submitted to United Nations Framework Convention on Climate Change(UNFCCC) to acquire funding to invest in renewable energy.
Swarzfischer disputed that they rushed to acquire P2 billion which 50% will come as a grant while 50% of funding will come as a loan that will be repaid by the power utility.
He also indicated that they have since indentified financial institutions that have been accredited by Green Climate Funding since there were non -financial institutions in Botswana who can source funding from GCF.
Swarzfischer stated that financial institutions such as African Development Bank and other s are best options to look for when acquiring funds for their renewable energy projects in Botswana.
The power utility boss also noted that they are drumming up to the green energy since Botswana government has signed the Paris Agreement to reduce CO2 emissions where the country agreed to reduce the CO2 emissions by the year 2036 to Zero.