Turning Exxaro green
Finweek English|20 August 2021
The company intends to make the most of its coal but is aiming for carbon neutrality by 2050, says CEO Mxolisi Mgojo.
Timothy Rangongo
Turning Exxaro green

After a decade of rapid technological and policy shifts in energy sectors, 2020 has brought disruption across the energy landscape. The consultancy McKinsey’s forecasts from their global energy insights show that a rebound to demand levels before Covid-19 takes one to four years for power, oil and gas, whereas coal demand does not return to 2019 levels.

The decline in coal is forecast to continue, as gas and, increasingly, renewables are more economical alternatives in the power sector. This does not come as alarming news to coal miner Exxaro. The mining sector has been facing pressure from governments, investors, and society to reduce carbon emissions. Mining is cited as being responsible for 4% to 7% of greenhouse gas (GHG) emissions globally.

“One of the things that you do as a coal miner is to sell your coal to power stations and we saw that within our markets (predominantly Europe), which we’re selling coal to, with Germany among the biggest, there were already talks of renewables,” says Mxolisi Mgojo, CEO of Exxaro, reflecting back to almost two decades ago when some European governments kickstarted their long-term plans to phase out coal.

By 2008, as the then head of the coal business at Exxaro, Mgojo witnessed that the shift from coal had started coming on very strong and it was already happening in Europe. It was at this point in time that the miner said, “South Africa tends to be very fast followers if not leaders.” Therefore, if this shift is happening in Europe, it will eventually trickle down to SA. “It was a case of when.”

Diese Geschichte stammt aus der 20 August 2021-Ausgabe von Finweek English.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der 20 August 2021-Ausgabe von Finweek English.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS FINWEEK ENGLISHAlle anzeigen
THE HEALTH OF SA'S MEDICAL SCHEMES
Finweek English

THE HEALTH OF SA'S MEDICAL SCHEMES

As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.

time-read
7 Minuten  |
5 November 2021
The effect of Gilbertson's departure
Finweek English

The effect of Gilbertson's departure

With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.

time-read
3 Minuten  |
5 November 2021
Making money from music
Finweek English

Making money from music

Why investors are increasingly drawn to the music industry.

time-read
3 Minuten  |
5 November 2021
Conviction is key
Finweek English

Conviction is key

Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.

time-read
5 Minuten  |
5 November 2021
The post-pandemic toolkit
Finweek English

The post-pandemic toolkit

How CFOs can use technology to support growth.

time-read
4 Minuten  |
5 November 2021
Big city living exodus
Finweek English

Big city living exodus

Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.

time-read
3 Minuten  |
5 November 2021
Big compact, big value
Finweek English

Big compact, big value

Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.

time-read
3 Minuten  |
5 November 2021
On barriers to entry
Finweek English

On barriers to entry

There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.

time-read
2 Minuten  |
5 November 2021
Fear and greed in one index
Finweek English

Fear and greed in one index

To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.

time-read
3 Minuten  |
5 November 2021
Africa's largest data centre facility coming soon
Finweek English

Africa's largest data centre facility coming soon

Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.

time-read
3 Minuten  |
5 November 2021