South African climate body recognised as risk influencer

Recognising the increasing risk and danger that climate change is posing, the Institute of Risk Management South Africa (IRMSA) has conferred its prestigious Risk Influencer of the Year award on the Presidential Climate Commission.

IRMSA said the accolade recognises the COP26 South Africa delegation for its work to secure a multibillion-rand deal with developed nations that is essential to curbing its high emissions and reducing its reliance on coal.

As a result of its work, South Africa is set to receive ZAR130bn to help end its dependence on coal, and the move has been hailed by President Cyril Ramaphosa as a watershed moment.

According to the Global Electricity Review, South Africa is ranked top of the G20 list of the countries most reliant on coal. In 2020, close to 90% of South Africa’s electricity came from coal, compared to a global average of 34%.

IRMSA’s CEO Pat Semenya said: “There is no doubt South Africa’s reliance on coal for power against the backdrop of the accelerating global climate crisis is a cause for concern; and it is with this in mind that the award was made to the Presidential Climate Commission.

“We hope this development will spark new boardroom debate about climate change as a key risk for corporate South Africa and will no doubt be a key risk factor identified in our annual SA Risk Report, due out in February next year.”

IRMSA also made special mention of Eskom CEO Andre de Ruyter, saying without his personal drive, the global funding would not have been secured. The European Union, Germany, France, the UK and the US’s financial pledge for the next three to five years is in the form of grants, concessional loans and investment and risk-sharing instruments, including mobilising private sector funding.

This partnership said IRMSA will go a long way to ensuring South Africa’s energy security, create much-needed jobs and harness new opportunities for investment.

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