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Standard Bank Group, Africa’s biggest lender by assets, defended it’s investment in fossil-fuel projects, saying tthe continent’s energy needs have to be balanced with climate concerns. The Johannesburg-based bank’s exposure to coal mining, oil and gas and power generation from fossil fuels rose 21% last year to R119.4-billion, according to Just Share, a Cape Town-based shareholder activist organisation. While that’s almost five times its exposure to renewable energy projects, lending to green-power initiatives rose 84% over the year.

Saying the continent’s energy needs have to be balanced with climate concerns.

The largest bank in Africa has said that it will continue to support fossil fuel projects on the continent to ensure access to energy.

Standard Bank has defended its investment in fossil fuel projects, saying Africa's energy needs must be balanced with climate concerns.

JSE-listed coal producers Exxaro and Thungela have opted not to table non-binding, advisory shareholder climate lobbying resolutions filed by activist shareholders at their upcoming AGMs. It’s the latest of many such skirmishes.