In theory, SA will benefit from billions in global investment to fund the decarbonisation of our economy. If that happens (and there is some way to go to turn intentions into reality), what will it mean for the local financial sector? SA could build a vibrant green financing capacity on the back of the transition, but there are also considerable risks that the opposite happens: that the domestic sector is simply crowded out of transition financing.

The development buzzwords internationally are “mobilising” and “catalysing” investment. The aim is to use various forms of concessionary funding to crowd in other investors and increase the overall amounts available to fund the huge infrastructure investment needed. Much global focus, from the World Bank to the philanthropy sector, is being placed on achieving such mobilisation...

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