Daniel Mminele to oversee R132-billion COP26 climate deal

Former Absa boss Daniel Mminele has been appointed to lead the team tasked with mobilising finance for South Africa’s just energy transition, the presidency announced on Tuesday.

Mminele, who last year stepped down as Absa chief executive over differences with the bank’s board, will head the newly established Presidential Climate Finance Task Team. 

The task team will advise the cabinet on the R132-billion deal struck by France, Germany, the UK, US and EU to support South Africa’s transition to a low-carbon economy.

The first-of-its-kind just energy transition partnership, which was announced at the COP26 climate summit in Glasgow last November, will see the wealthy partner countries mobilise an initial $8.5-billion over the next three to five years through a range of instruments, including grants and concessional finance, to support the implementation of the country’s revised nationally determined contribution.

In a statement following the announcement, President Cyril Ramaphosa described the political declaration as a “watershed moment not only for our own just transition, but for the world as a whole”.

The Presidential Climate Finance Task Team, together with the asset and liability division of the national treasury, “will analyse the offer with a view to advising cabinet on its composition, affordability,  alignment with our regulatory environment, engage with partner countries”, the presidency said in its statement announcing Mminele’s appointment.

The task team will also oversee the development of financing mechanisms and facilities to enable the flow of international climate finance to support South Africa’s just transition in the electricity, electric vehicles and green hydrogen sectors.

“As a well-respected leader both in government and the financial sector, Mr Mminele will support South Africa’s ambition to achieve a just transition that advances the country’s interests; protects vulnerable workers and communities; contributes to investment, growth and sustainable jobs; and supports the global fight against climate change,” the presidency said.

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Sarah Smit
Sarah Smit
Sarah Smit is a general news reporter at the Mail & Guardian. She covers topics relating to labour, corruption and the law.

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