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Former Absa chief executive to head Presidential Climate Finance Task Team

9 Feb 2022

Former chief executive of Absa Group Limited Daniel Mminele has been appointed to head up the newly-established Presidential Climate Finance Task Team. This comes after government late last year announced a partnership with the governments of France, Germany, the UK, and the US, as well as the EU to support a just transition to a low carbon economy and a climate-resilient society in South Africa.

Former Absa chief executive Daniel Mminele to head Presidential Climate Finance Task Team

The Presidency in a statement said: “In line with the Political Declaration to establish this partnership, partner countries have offered to mobilise an initial $8.5bn (R132bn) over the next three to five years through a range of instruments, including grants and concessional finance, to support the implementation of our revised Nationally Determined Contribution.”

The Presidential Climate Finance Task Team, led by Mminele together with the Asset and Liability Division from National Treasury, will analyse the offer with a view to advising Cabinet on its composition, affordability, alignment with the regulatory environment and engage with partner countries.

“The Task Team will also coordinate relevant government departments, development finance institutions, 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,” reads the statement.

Mminele has been independent non-executive director and chair-designate at Alexander Forbes Group Holdings since January 2022. Until 30 April 2021, he was the chief executive of Absa Group Limited.

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Former deputy governor of SARB

Prior to joining 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. During a career spanning nearly 20 years at the South African Reserve Bank, Mminele represented the SARB and South Africa in many international fora on the African continent and beyond.

His experience before the SARB 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.

Source: SAnews.gov.za

SAnews.gov.za is a South African government news service, published by the Government Communication and Information System (GCIS). SAnews.gov.za (formerly BuaNews) was established to provide quick and easy access to articles and feature stories aimed at keeping the public informed about the implementation of government mandates.

Go to: http://www.sanews.gov.za