Zimbabwe: Standard Bank Group Publishes Fossil Fuels Financing Policy allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Johannesburg – Stanbic Bank Zimbabwe’s parent company, Standard Bank Group, has published its Fossil Fuels Financing Policy as part of its efforts to improve its management of environmental, social and governance (ESG) risks, and contribute to the sustainable development of Africa.
This follows the adoption in 2019 of policies on lending to Coal-fired power projects and Coal-mining operations specifically.
The Fossil Fuels Financing Policy sets out a range of strict conditions that must be met before the bank funds coal, oil and gas projects. These include compliance with the Equator Principles, International Finance Corporation’s (IFC) Performance Standards and the World Bank’s Environmental, Health, and Safety Guidelines.