South Africa is the world’s fastest-growing green economy, an independent report has found.

This is the finding of a report, titled “EMEA Project Finance — South African renewables are less dependent on subsidy, a positive for project finance issuers”,  issued by international ratings agency, Moody’s.

According to a press statement released by Moody’s, South Africa also had the largest renewables market in Africa in 2015.

“The South African renewable energy market has grown rapidly over the last five years or so and there is rising demand for renewables debt,” said Christopher Bredholt, a Moody’s Vice President — Senior Analyst and the report’s author. “South Africa was the continent’s largest renewables market in 2015 in terms of asset finance for utility-scale projects, and it saw the highest year-on-year growth globally.”

Alan Winde, Minister of Economic Opportunities, said the Western Cape was home to the majority of the country’s green manufacturers.

“In the Western Cape, we’ve selected energy security an important economic enabler. This is why we prioritise clean forms of energy. Around 60% of the successful utility scale project developers and 70% of renewable energy manufacturing takes place in the Western Cape. Since 2009, we’ve attracted R17bn investment in renewable energy projects.”

Winde said international firms such as Jinko, GRI, and Sunpower, among others, have all established themselves in Cape Town on the back of the renewable’s program.

Further, the proposed Special Economic Zone in Atlantis stands to deliver an expected R1bn and 1,200 jobs to the economy.

“Green investments in the Western Cape have created 2000 jobs. I’d like to commend GreenCape, and our sector, for their efforts to grow our green economy. Their hard work made a major contribution to the rapid growth of the South African green sector,” said Minister Winde.