Page 44 - Equator Principles News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 Prin...

Penelope Mashego Share The use of coal to produce electricity has been a contentious issue as concerns about climate change rise. Standard Bank says it will continue to fund thermal coal and coal-fired power generation operations under strict conditions since they play an important role in the generation of electricity in the region.   “Energy generation in South Africa and Sub-Saharan Africa in particular, is still more than 80% driven by coal fired power stations, so clearly, in that scenario, we will continue to support the ge...