Daniel Mminele to lead Presidential Climate Finance Task Team

President Cyril Ramaphosa has appointed Daniel Mminele as head of the newly established Presidential Climate Finance Task Team.

In this role, Mminele will lead South Africa’s efforts to mobilise finance for a just transition.

On 2 November, the Presidency announced a historic partnership with the governments of France, Germany, the United Kingdom, the United States, and the European Union, to support a just transition to a low carbon economy and a climate-resilient society in South Africa.

In line with the political declaration to establish this partnership, partner countries have offered to contribute R132 billion over the next three to five years through a range of instruments, including grants and concessional finance, to support the implementation of the revised Nationally Determined Contribution.

Mminele was previously an independent non-executive director and chair-designate at Alexander Forbes.

He served as chief executive of Absa Group Limited until 30 April 2021. Before he joined Absa in January 2020, he was a deputy governor of the South African Reserve Bank (Sarb) since July 2009, where he served two five-year terms.

Mminele’s experience at the Reserve Bank included credit-risk analysis, corporate banking, and project and structured finance at private banking institutions in Germany, the United Kingdom and South Africa.

Mminele was the recipient of the 2019 Life Time Achiever Award of the Association of Black Securities and Investment Professionals.

“As a well-respected leader both in government and the financial sector, 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,” said the Presidency in a statement.

“The Presidential Climate Finance Task Team, led by Mr Mminele and the asset and liability division of the National Treasury will analyse the offer with a view to advising cabinet,” it added.

The Climate Finance Task Team will examine the various elements of the offer, including its composition, affordability, alignment with our regulatory environment, engage with partner countries, co-ordinate relevant government departments and the private sector; and oversee the development of relevant 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.

Compiled by Narissa Subramoney

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