The World Economic Forum says that the carbon footprint of homes represents around 20% of all global CO2 emissions, with the residential sector expected to become the most prominent electricity consumer by 2050.
In 2022, South African short-term insurers reported a 60% increase in claims for destruction to people’s property due to power surges as a consequence of load shedding.
Not only is load shedding costing South Africa around R 4 billion a day, it is also pushing the country into a technical recession due to quarter-on-quarter economic declines, according to both ABSA and Citibank. To resolve this, Finance Minister Enoch Godongwana announced several reforms in his recently delivered Medium Term Budget Policy Statement.