30 x 30 South Africa

active

While the program interventions are interlinked, since they all contribute towards a similar goal of increasing climate finance and decreasing financed emissions, they can be divided into 4 separate components. The World Bank program will also deliver a 5th in collaboration with the program. 1.Component 1 - Climate risk management and pricing by regulators (WB): This component is not a deliverable of the IFC program but will be achieved by the World Bank through their collaborative input. 1. Component 1 - Climate risk management and pricing by regulators (WB): The Prudential Authority and the South African Reserve Bank (SARB) are both members National Treasury Climate Risk Forum Steering Committee that is hosted by the Banking Association of South Africa (BASA) and chaired by National Treasury. The SARB chairs the climate risk working group which is developing a benchmark climate risk scenario for use in stress tests by the sector, starting with insurance companies and banks. Further details of the work of the Committee are contained in the Problem Statement. 2.Component 2 - Climate thematic bond development, pension fund capacity building and climate financing through financial instruments (IFC-FIG): 30 by 30 SA's work with the capital market and other investors will focus on the following areas, with an overall objective of increasing the issuance of climate thematic bonds as well as other climate themed financing. 3.Component 3 - Growing low-carbon and climate resilient financing through the development of credible pipelines and products with participating banks (IFC) 4. Component 4 - Climate smart and resilient action plans in South Africa’s agricultural sector (IFC-CBD). 5. Component 5 - Project coordination and knowledge sharing in and outside South Africa.