Just Share says the bank’s exposure to coal mining, oil and gas and power generation from fossil fuels rose 21% in 2022
Standard Bank, Africa’s biggest lender by assets, defended it’s investment in fossil-fuel projects, saying the continent’s energy needs have to be balanced with climate concerns.
“It is not possible for Africa and many of the African countries to ignore the shortage of electricity supply,” Kenny Fihla, CEO of Standard’s corporate and investment banking unit, said in an interview last week. “Today’s challenges are not going to be resolved overnight and therefore a much more balanced approach is required.”
“There is no factual basis for Standard Bank’s insistence that new fossil fuels are required to support development in Africa,” Just Share said in a response to queries. “The bank’s position on this issue is driven by its vested interests in fossil-fuel financing, and its relationships with African governments intent on ramping up fossil-fuel development.”
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