Insurers Expect Government Measures On Climate Change As COP26 Looms

Insurers will be watching to see how countries across Africa react in the runup to the global climate change conference, COP26, next month.

According to Africa Ahead, South Africa has led the way, announcing its latest national climate commitment (NDC) under the Paris Agreement, saying it intends to limit GHG emissions to 398-510 MtCO2e by 2025, and to 350-420 MtCO2e by 2030 – significantly lower than targets  communicated in 2016. These new targets will see South Africa’s emissions decline in absolute terms from 2025, a decade earlier than planned.

Helen Mountford, vice-president for climate and economics at the World Resources Institute, said “South Africa’s new climate commitment is much more ambitious than what the country put forward five years ago when the Paris Agreement was struck. South Africa’s plan and updated 2030 emissions reduction target shifts the country’s commitments closer to what is needed globally for us to limit warming to 1.5 degrees celsius.

“It is also encouraging that South Africa again underscores its commitment, setting the stage for the country to heavily invest in clean power while accelerating a transition away from coal. South Africa’s plan places a much-needed emphasis on ensuring that everyone benefits in a shift to a more sustainable economy, especially the poorest and most vulnerable communities, while also ensuring a just transition for workers.

“Such adaptation investments are essential to help citizens better cope with increasingly severe droughts and other extreme weather events that have plagued the country in recent years. Developed countries have a responsibility to assist South Africa and other developing countries to both build resilience to climate impacts and accelerate greater uptake of clean sources of energy.”
Source: Africa Ahead