The transition to a low carbon and ultimately net-zero economy is the most predictable and consequential economic transition, arguably in all of human history. And it is a transition with five tremendous economic consequences — for businesses, for industries and indeed for entire countries.
And, as a result of late-breaking updates to nationally determined contributions and net-zero commitments, including SA’s NDCs — which we enthusiastically applaud — and the global methane pledge led by the US and EU, the International Energy Agency now assesses that current announced pledges and commitments could, if enacted, limit global warming to 1.8°C above pre-industrial level by the end of the century.
Six months ago GFANZ was just $5-trillion in assets under management. This exponential progress is another thing to celebrate. But just as governments must follow through measurably on their nationally determined contributions, private sector net-zero commitments cannot be empty green watch promises. They must be rigorous and verifiable, with science-based 2030 interim targets and yearly transparent reporting on progress to complete decarbonisation.
The scientific consensus is clear that each nation, developed or developing, must decommission their unabated coal power plants as quickly as possible, and certainly no later than 2040, to keep the limit of 1.5°C global warming within reach. It is absolutely vital that public and private financing be made available to accelerate this clean energy transition.
Over the coming months the US, UK, France, Germany and the EU will work to structure a financing package of an initial $8,5bn investment over the next three to five years, targeting SA’s energy sector, which is responsible for almost 80% of the country's total emissions and where Eskom plays an outsize role.
We all recognise the opportunity in renewable energy generation and transmission and urge the SA banking sector to play a central role in financing a cleaner, greener SA economy. Just as the global banking sector has led the ramping down of financing for new unabated coal power generation in the past few years, it must continue to lead the way in financing renewable energy products and scale.
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