The energy policy shaping space is influenced by the demands of sustainability goals
associatedwith the complexity of the socio-economic and biophysical systems. Rising fossil fuel
prices societalimpacts of energy use and observed climate change make the exploration of
renewable energymore important than ever (Kowalski et al. 2008). This paradigm shift combined
with theconsiderable amount of infrastructure and investment required for renewable energy has
led toan increasing presence of private and institutional investors including insurers exposed
to variousrisks.According to the US Energy Information Administration (EIA) world energy
consumption will growby 48% between the period 2012-2040 (US EIA 2017: online). This trend is
attributable to strongeconomic growth emerging from Non- Organisation for Economic Cooperation
and Development(OECD) countries (US EIA 2017: online) including South Africa. Working as an
alternative to fossilfuels renewable energy technologies will play an integral role in meeting
the world's growingenergy demand adding to the global energy mix (IRENA 2016:14). Furthermore
the share ofrenewables in the global energy mix can be cost-effectively doubled by 2030 using
existingtechnologies. Along with energy conservation practices an overall improvement in the
globalenergy profile can be achieved which would significantly reduce greenhouse gas emissions
and putthe world on track to limit global mean temperature rise to below 2° Celsius (IRENA
2016:14). Thislevel of renewable energy deployment means scaling up current investment in
renewables to 500billion US dollars (USD) per year by 2020. Global investment must then reach
USD 900 billion eachyear up to 2030 (IRENA 2016:14). Almost two-thirds of this investment
would be in the powersector but renewables for heat and transport also need to grow
significantly. Developing marketswith fast growing energy demand will require the largest
increase in investment (IRENA 2016:14)The South African energy sector underwent a shock
signified by a shortage in bulk electricity whichwas declared a national emergency in 2008 and
in 2014. Eskom underwent other disturbances inenergy supply when in 2015 it implemented 99 days
of load shedding causing a decrease in miningand manufacturing output
