The work of the B20’s energy task force is the focus in this edition of the Business Day Spotlight.
Host Mudiwa Gavaza is joined by Daniel Mminele, chair of the B20 South Africa energy mix and just transition task force.
The discussion centres on the need for an energy transition that is sustainable, critically just and investable.
Mminele, who serves as chair of Nedbank, outlines the task force’s mandate.
It focuses on the urgent transformation of energy systems worldwide due to the strain of widening inequality, volatile resource markets and the need to reshape how energy is produced and delivered.
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Mminele also spends time explaining the difference between various finance options for the world’s energy transition.
He says transition finance is a broader concept that includes all mechanisms to support the shift to low-carbon economies, including pathways for high-emission sectors, while green finance is more specific and focuses on already sustainable activities, like solar, wind and electric vehicles (EVs).
Another important factor is that business transition strategies need to be credible and guided by a strategic, science-based business imperative.
During the discussion, the former Reserve Bank deputy governor outlines the role of the B20; the task force’s mandate; geopolitical issues affecting the global energy trade; and financing options for cleaner energy.
Ultimately, Mminele says the transition is a strategic and business imperative with commercial opportunities.
Businesses should not view it merely as a box-ticking compliance issue. There must be an increased level of collaboration between the public and private sectors, as well as between the Global North and South.
Producer: Demi Buzo
Business Day Spotlight is an Arena Podcasts Production.
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