AP

The government is initiating a national Green Fund next month that will be funded with R800 million over the next two financial years to support “green economy” initiatives.

This was announced in Wednesday’s Budget, with R300m being allocated this year and R500m in the next.

The fund is part of the government’s key policy objective of improving environmental management and addressing climate change.

The Treasury’s Estimates of National Expenditure document explains that a green economy is one in which growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and “ecosystem services” like the provision of clean air and water, and soil formation.

The objectives of the Green Fund are “to promote environmental protection through a programme comprising technical assistance, grant assistance, loan assistance and/or own funding for projects that have a substantial public interest”.

Environmental protection will be funded with R9.5 billion this year, an 8.8 percent increase over last year.

The share of the national Environmental Affairs department is R4.5bn, rising to R5.2bn next year and dropping to R5.1bn in 2014/15.

SA National Parks is being allocated an additional R350m over the medium term to acquire and upgrade tourism infrastructure. This will increase visitor capacity from 4.5m in 2011/12 to a 4.7m target by 2014/15.

However, SANParks’ 2011/12 allocation of R157.5m from the Environmental Affairs department will be reduced to R153.9m by 2014/15.