SBFN welcomes South Africa’s Prudential Authority, which operates within the administration of the South African Reserve Bank (SARB, the central bank of South Africa), as our newest member.
South Africa’s Prudential Authority is part of collective efforts to develop a national enabling framework for sustainable finance in South Africa, with a particular focus on managing the financial sector’s exposure and response to climate change. The PA is part of several working groups under the national Climate Risk Forum, chaired by South Africa’s National Treasury, including efforts to develop a benchmark climate risk scenario for use in stress tests by the sector, starting with insurance and banks. The PA also contributed to the development of a draft Technical Paper on Financing a Sustainable Economy, published by South Africa’s National Treasury in May 2020.
SBFN is excited to support the development of national frameworks and exchange of good practice in helping financial institutions manage environmental and social risks and opportunities. We look forward to working with South Africa’s Prudential Authority to continue building capacity and awareness in the country and the region.