Having attended COP27 in Durban in 2011, Portia believes much progress has been made on issues of climate finance and how the conversation is framed. As a sustainability practitioner, she is also acutely aware that we don’t have much time left to address the climate emergency.
Excerpts from the interview with Portia Bangerezako, Head of Sustainability at Old Mutual
COP shifts after the Paris Agreement
I feel like there has been such a major change after the Paris Agreement in terms of how we frame the climate discussion and how finance is being discussed. So, it feels like we have leapfrogged; but also as a sustainability practitioner, I know we don’t have much time.
Key innovations driven by Old Mutual
From a climate change perspective, the one thing Old Mutual has decided to do – or is focusing on – is to put society at the centre of what we do. We understand that where we are operating and where there is a huge amount of risk, there is also an opportunity. So, there is currently a lot we are doing around investing in the green economy, but it just reminds us that the decisions we have made of not investing in new thermal coal, are very much in line with the feeling around the world, regarding fossil fuels. We are not saying fossil fuels are going to be the end of them. There is just this idea and understanding that there is so much risk, but there is also a lot to tap into in terms of the opportunities and changing our economies, which have got big expectations.
Progress made on issues of climate finance
I think we are making a lot of progress. If you look at Old Mutual, it has invested in renewables and a lot has been done in social housing and agriculture. What’s going to happen going forward is that you will be seeing much more of us talking about these wonderful things that we do. At the heart of it is the understanding that you cannot have business as usual with what we are used to. We’re going to have to accelerate the pace at which the investment is needed and inject it and make sure we build resilience. With what has happened in KZN earlier this year, we are becoming acutely aware of how this affects us. But then we can be part of the solution in making sure the infrastructure that is built is resilient to other climate calamities.
See also:
- Join the Conversation: Will the financial commitments being made at COP27 materialise?
- Decarbonising SA’s building environment with Green building finance – COP27
- Farmers need to produce more with less on less – COP27
