CEO of the Gauteng Growth and Development Agency Saki Zamxaka said some banks were moving faster than necessary to set stop dates for funding fossil fuels projects.
The CEO of the Gauteng Growth and Development Agency, Saki Zamxaka, said some banks were moving faster than necessary to set stop dates for funding fossil fuels projects. Earlier this year, Investec said it would stop financing coal projects by 2030.
The 2019 Integrated Resources Plan refers to a mix of energy sources, including coal. This while the country has committed to lowering its greenhouse gas emissions to between 350 and 420 million tonnes of carbon dioxide equivalent by 2030.We have coal for days; we have enough reserves, and it's getting cleaner. So, whether banks are in it or not, as long as development funding institutions are putting in money and there is enough risk capital in mining coal, [that should suffice].
“We also need to insist on the right of African nations to use resources to mitigate and also adapt [to climate change], including by using fossil fuels.” Head of strategy at the Russian development finance institute, VEB.RF, Aleksei Kechko said a new system of green finance must be established after developed nations reneged on their commitment to contribute $100bn annually against the effects of climate.“Back in Paris, developed countries committed themselves to helping developing countries to finance just green transitions. They have backslid, of course, on this; they are not providing sufficient [support].
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