- Write by:
-
Friday, March 6, 2020 - 12:00:51 PM
-
953 Visit
-
Print
Mining News Pro - Standard Bank Group, Africa’s biggest bank by assets, has become the first South African lender to release its policy toward funding of thermal coal mining and power projects.
According to Mining News Pro - The policy comes as pressure mounts on financial institutions to cut lending to fossil fuel projects because of the carbon emissions they generate, contributing to global warming. South Africa relies on coal for almost all of its electricity and exports it to countries including China and India. Its carbon emissions rival those of the U.K., an economy eight times its size.
Standard says it will evaluate projects on a case-by-case basis, assessing the need for power in the country where the mine or power plant is situated and will ensure compliance with environmental and social laws. The bank won’t finance so-called mountain-top removal mining.
“Standard Bank and its climate-conscious investors have set an encouraging precedent,” said Tracey Davies, director of Cape Town-based shareholder activist organization Just Share, in a statement. “We are now looking to accelerate the pace at which banks and other institutions disclose and manage climate-change risks.”
Of South Africa’s five biggest banks, only Nedbank Group Ltd. discloses the amount of money it has lent to fossil fuel projects.
Short Link:
https://www.miningnews.ir/En/News/498100
Mining News Pro - The Annual General Meeting of Gol Gohar Iron and Steel Development Company was held on June 9 with the ...
Mining News Pro - Achieving the desired quality in products requires quality production in each of the production ...
Colombia’s President Gustavo Petro on Saturday said the country, which is reported to be Israel’s biggest supplier of ...
KoBold Metals, the Bill Gates-backed mining exploration company, could spend $2.3 billion to build a major new copper ...
The Botswana government may raise its shareholding in global diamond miner De Beers, President Mokgweetsi Masisi told ...
Global physically backed gold exchange traded funds (ETFs) attracted their first inflows in May after a year, powered by ...
Bravura Holdings Ltd. – a firm owned by Nigerian tycoon Benedict Peters – plans to start production at a Zimbabwean ...
South Korean President Yoon Suk Yeol and the leaders of African countries agreed on Tuesday to forge deeper trade and ...
Russia is seeking to take over uranium assets in Niger held by a state-controlled French company, according to people ...
No comments have been posted yet ...