Bank announces it wants to be net zero by 2050 and will reduce exposure to fossil fuels
FirstRand, Africa’s biggest bank by market value, is ending its funding of new coal-fired power stations immediately and will halt the financing of new projects to mine the fuel over the next five years.
While SAs largest banks are reducing their exposure to activities that pollute the environment, they have set differing timelines to take into account the nation’s reliance on coal. The bank will also reduce its short- and medium-term limits on its overall coal exposure, it said. SA relies on coal for almost all of its electricity and exports the fuel to countries including China and India. Its carbon emissions rival those of the UK, an economy eight times its size. Other SA banks such as Investec and Standard Bank are also pursuing plans that encourage clients to opt for greener technologies.
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