Having come under the spotlight for its fossil fuel investments, Standard Bank says it is one of the largest renewable funders in SA.
Standard Bank has issued a press release regarding the financial institution’s renewable energy funding.The bank adds that for every R1 spent on non-renewable investments on 2022, it spent R5 on renewable funding.urging the financial institution to end all investments in fossil fuel projects, as sustainability continues to be a significant consideration for businesses across myriad industries.
Standard Bank takes Africa’s social, economic, and environmental context as the starting point for its climate policy commitments. The bank aims to achieve net-zero carbon emissions from its own operations by 2040 and from its portfolio of financed emissions by 2050, aligning with the Paris Agreement. In the first half of 2023, Standard Bank mobilised R28 billion for sustainable finance, bringing the cumulative amount since FY22 to R83 billion,” added CEO, Lungisa Fuzile.
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