Africa needs to be treated differently as the climate conversation hots up around the world, says Munich Re of Africa head of Africa strategy, Sipho Mthabela.
Speaking to Africa Ahead: the Sustainability Challenge during the AIO conference, Mr Mthabela explained that the Munich Re Group has a clearly stated ambition to reduce its carbon footprint by 2025 and to be net carbon neutral by 2025.
However, for countries where there is less than 90% electrification (which effectively includes most of Africa), the targets are less fixed.
“We want to have inclusive conversations and reduce the carbon footprint wherever possible,” he said. “We want to make this a positive conversation. It is not about restrictions but about the fact that we have real appetite for solutions.
“We have capacity for renewables and for innovation. The insurance market in Africa needs innovation as it adapts to cope with the changing threat posed by climate change.”
There is a balance between the needs of ESG, Mr Mthabela stressed. “When looking at this, we consider not only the business focus but society as a whole.”
Munich Re, he says, is a pioneer and has immense knowledge but it is far from resting on its laurels.
“We are taking a collaborative approach, with industry, regulators and beyond.”
Mr Mthabela states that the launch of Munich Re’s client training programme, LIMA, is a sign of this intent. “We know there is talent in Africa and in the insurance industry but this programme is designed to allow us to share our knowledge and uplift the industry as a whole.
“It also makes us relevant in the market because we are working together and having conversations with the stakeholders across the industry.”
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