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Kganyago: Financial sector must be prepared for climate change-related problems

Reserve Governor Lesetja Kganyago is among global leaders in Davos at the World Economic Forum, which would discuss global warming and climate change as talking points.

FILE: Reserve Bank governor Lesetja Kganyago. Picture: EWN.

JOHANNESBURG - Reserve Governor Lesetja Kganyago on Tuesday said the financial sector needed to better prepare for the problems that came with climate change.

Kganyago is among global leaders in Davos at the World Economic Forum, which would discuss global warming and climate change as talking points.

The governor said central banks needed to come up with ways to combat risks that may affect the financial sector.

Kganyago said climate change was a huge threat to the stability of the financial sector.

He said the sector could not be caught off guard again as it did during the 2008 financial crisis.

“The issue for us would be, is the financial sector preparing itself for those changes? We now regulate the insurance sector. We have seen extreme weather patterns.”

The governor said South Africa was one of the countries facing numerous challenges, including a possible downgrade by rating agencies.

“The credit rating agency is like the weatherman. When they tell you you’ve got the following risks in your economy, which if not watched, could lead to a downgrade you, deal with those risks.”

Kganyago said government and business leaders needed to focus on growing South Africa's struggling economy.