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Shareholder activist organisation Just Share accused Thungela Resources of not taking climate change seriously through its limited plans to reduce coal mining after demand surged to all-time highs after Russia's invasion of Ukraine last year.
The banking group has adopted a final position not to fund the controversial Karpowership projects.
Civil society organisations and academia made several recommendations on Tuesday in Parliament on SA’s mooted Climate Change Bill.
Standard Bank does not intend to pull finance from fossil fuels "overnight", as it would be impractical, says chief executive for corporate and investment banking Kenny Fihla.
Activist shareholders want the coal miners to provide greater disclosure on their climate lobbying activities, but the companies say the matter need not go to a shareholder vote.