Former Absa chief executive to head presidential task force on climate finance

Former Absa Group Limited Managing Director Daniel Mminele has been appointed to lead the new Presidential Team on Climate Finance. It comes after the government announced late last year 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 lead presidential task force on climate finance

In a statement, the presidency said: “In line with the political declaration to establish this partnership, partner countries have offered to mobilize an initial amount of $8.5 billion (R132 billion) over the three to five years through a range of instruments, including grants and concessional financing, to support the implementation of our revised Nationally Determined Contribution.

The Presidential Task Force on Climate Finance, led by Mminele in collaboration with the Assets and Liabilities Division of the National Treasury, will analyze the offer with a view to advising the Cabinet on its composition, accessibility, alignment with the regulatory environment and to engage with partner countries.

“The task force 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 vehicle and green hydrogen sectors” , the statement said.

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

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Former SARB Deputy Governor

Prior to joining Absa in January 2020, he had been 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 has represented the SARB and South Africa in many international forums on the African continent and beyond.

His experience prior to the SARB included credit risk analysis, corporate banking and project and structured finance at private banking institutions in Germany, UK and South Africa.

Mminele received the 2019 Life Time Achiever Award from the Association of Black Securities and Investment Professionals.