Cop28: ABSA welcomes loss and damage fund

ABSA, a leading bank in Africa, is actively participating in COP28, focusing on advancing effective collaboration and partnerships to address climate change issues in the global south. Punki Modise, ABSA's Chief Strategy & Sustainability Officer, recently spoke to CNBC Africa's Fifi Peters about the bank's role in welcoming the loss and damage fund. Modise expressed optimism about the progress at COP28, highlighting the decision on implementing discussions around loss and damage, compared to the previous conference in Egypt where conversations stalled. ABSA sees its role as a lender as crucial in enabling the funding of the transition needed globally, especially in Africa. The bank aims to support clients and vulnerable communities on the continent through strategic financing initiatives. Climate finance has taken center stage at COP28, with discussions focusing on the need for increased investments in transitioning to a low-carbon economy. ABSA is actively engaging in conversations around financing frameworks to support Africa's transition. The concept of 'just transition' has also been a key focus for ABSA, aligning with efforts to coordinate sustainable development across the continent. Modise emphasized the importance of balancing the transition to net zero emissions with supporting livelihoods in African communities. ABSA recognizes the complex nature of the climate journey and highlights the significance of collaboration with multilateral institutions, private sector players, and governments. The bank sees collaboration as essential for effectively addressing the challenges of climate change on a global scale. In South Africa, ABSA has been at the forefront of financing renewable energy projects, reflecting a growing trend of private sector investment in sustainable initiatives. The bank has already committed two-thirds of its 100 billion target towards sustainable funding and aims to realign its goals to achieve a net zero state. Looking ahead, ABSA hopes to see a global framework emerge from COP28 to guide just transition efforts and support the progression of African nations in climate discussions. Modise's key takeaways from COP28 include the successful advancement of the loss and damage package and the desire for a robust framework to drive Africa's sustainable development agenda.