From January to August 2020, FSCA and IFC collaborated to survey how well South Africa’s retirement industry is positioned to unlock significant investment opportunities in the new global trend towards green and climate finance – which represents around $588 billion in investment needs in South Africa alone up to 2030, according to IFC research. The survey also captured progress by South African retirement funds in adopting responsible investing practices in line with Regulation 28 of the Pension Funds Act, 1956 (‘PFA’), and Guidance Note 1 of 2019. Despite the challenges of COVID-19, 140 funds responded to the survey, representing roughly 76% of the total assets under management and 28% of total retirement funds in the industry. The results signal a pivotal moment for South Africa’s retirement funds to take a leading role on sustainable finance in South Africa. On Dec. 8 2020, this webinar explored the findings of the research and opportunities for retirement fund sector innovation in sustainable finance in the coming years. The research and recommendations will contribute to complementary national initiatives, including implementation of National Treasury’s Technical Paper on Financing a Sustainable Economy and the JSE’s new Sustainability Segment. Download the report Sustainable Finance Practices in South African Retirement Funds: The project is supported by IFC, part of the World Bank Group, through IFC’s Green Bond Market Development Program in partnership with the Swiss State Secretariat for Economic Affairs (SECO) and Swedish International Development Cooperation Agency (Sida). More about: IFC’s Green Bond Market Development Program Financial Sector Conduct Authority (FSCA)
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