Former Absa CEO Daniel Mminele to spearhead plans for SA's COP billions

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Daniel Mminele.
Daniel Mminele.
  • Daniel Mminele has been appointed head of the Presidential Climate Finance Task Team.
  • His work will involve mobilising funding for the just transition and ironing out details of the COP26 billions pledged last year.
  • Mminele was previously CEO of Absa and Deputy Reserve Bank Governor.

Former Absa CEO and Deputy Reserve Bank Governor Daniel Mminele has been appointed head of the Presidential Climate Finance Task Team.

The presidency on Tuesday issued a statement announcing Mminele's appointment, by President Cyril Ramaphosa. Mminele will lead the country's efforts to mobilise finance for a just transition, the statement read.

Last year, during the COP26 conference, France, Germany, the UK, US and the European Union agreed to raise $8.5 billion (~R132 billion) to help South Africa reduce emissions, aligned to its Nationally Determined Contribution (NDC). The country's NDC sets a target of limiting annual emissions to between 350 and 420 megatons of carbon dioxide equivalent by 2030.

Meeting these targets involves decommissioning coal-fired power stations. Eskom stands to benefit the most from the funding and has "shovel-ready" projects, its CEO André De Ruyter said previously

The funding will be in the form of a grant, concessional finance, and loans from private sector lenders, Fin24 previously reported.

Mminele will work with National Treasury's Asset and Liability Division to analyse the offer and advise Cabinet on the finer details such as its composition, affordability and alignment with the country's regulatory environment, the presidency said. He will also engage with partner countries, and coordinate with relevant government departments, development finance institutions, and the private sector.

Mminele will also oversee the development of "relevant financing mechanisms and facilities" to allow the flow of international climate finance support for South Africa as part of the just transition.

Mminele has been independent non-executive director and chair-designate of Alexander Forbes Group Holdings since January 2022.

Prior to this, he was Absa CEO for less than a year and a half (between January 2020 and 30 April 2021).

He served two terms as deputy reserve bank governor and was at the bank for nearly 20 years.

The presidency noted that Mminele is a "well-respected" leader in government and the financial sector and expressed confidence in his ability to support the just transition.

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