Global insurance company AXA has awarded its first Africa-based research chair to the University of Cape Town in South Africa.
Mark New of the UCT’s African Climate and Development Initiative (ACDI) will hold the African Climate Risk chair, the company announced on 14 November. The 15-year initiative is worth R20.7 million (US$1.7m). The money comes from the AXA Research Fund, the company’s philanthropic arm.
New is the inaugural holder, and he will have three or four successors. Each successor will link up with their predecessor’s work while also expanding the scope of the research.