10 December

The Just Transition

Event time: 12:00- 13:30

Hosts: NBI National Business Initiative (NBI) and The B Team

Event type: roundtable discussion

South Africa's economy is carbon intensive as it runs primarily on coal fired electricity. Mining and heavy industry also contribute significantly to employment and national and regional GDP. In order to uphold South Africa's commitments to the Paris Agreement, however, government, business and civil society need to work together to increase climate ambition and decarbonise the economy without worsening social challenges such as unemployment, poverty and inequality.

This session will explore how South Africa is defining its just transition to a low carbon, climate resilient economy considering its development challenge and continued emphasis on reducing poverty and inequality and building resilience.

South Africa’s Climate Change Information System

Event time: 14:00- 15:00

Hosts: National Business Initiative (NBI) and Department of Environment, Forestry and Fisheries (DEFF)

Event type: presentation (open event)

This session will focus on the Tracking & Evaluation Portal developed for tracking South Africa’s transition to lower carbon economy and climate resilient society. Measurement, reporting and verification (MRV) systems will be a significant tool for effectively tracking mitigation goals and improving the implementation of policies as articulated in country Nationally Determined Contributions (NDCs) under the Paris Agreement.

South Africa has developed a tracking and evaluation (T&E) system that records national actions for mitigation and adaptation alongside associated data, including challenges, targets, investment, indicators and wider impacts. The portal facilitates the collation of data from different sources and provides an analysis and summary of key data. The portal has data visualisation capability and shows he status of South Africa’s climate response.

Mobilising blockchain-based parametric insurance in tackling the financial impact of climatic disasters in South Africa

Event time: 16:30 to 18:00

Hosts: The National Business Initiative (NBI) and Blockchain & Climate Institute

Event type: presentation (open event)

This side-event will discuss how blockchain-based climate catastrophe insurance (BBCCI) products can be applied to the climate disaster insurance market to maximise the effectiveness of climate change adaptation efforts; provide a specific demonstration of how blockchain-based parametric insurance (BBPI) can be applied to the South African climate disaster insurance market to increase insurance penetration, and thus climate-related resilience; and discuss the implications of BBPI on climate change policy and regulatory frameworks in South Africa.

Low insurance penetration is expected to get worse with higher premiums due to increases in severity and frequency of climate disasters. As a result, efforts of governments, civil society and individuals will be put under much strain to provide adequate insurance coverage as private insurance business models gradually become unviable. To bridge the protection gap, efficiency gains, both in time and value, as well as transparency, are then a cornerstone of climate disaster insurance markets. Digital technologies such as blockchain and Artificial Intelligence promise a solution.