Prioritising the improvement of South Africa’s sustainable energy supply is key to unlocking further growth, reaching long-term climate change mitigation goals, and providing stable power to millions of the country’s households
The World Bank estimates that South Africa will need $500billion to achieve carbon neutrality by 2050, highlighting the need for innovative financial instrumentals and policies to attract Foreign Direct Investment and foster public private partnership in the sector.
This is where banks have a central role to play.
“Standard Bank is exploring sustainable opportunities that can facilitate a just transition and we are mindful of both the opportunities to partner with clients and stakeholders to support their climate transitions and the national climate commitments of the countries where we do business,” said Rentia van Tonder, Head for Power at Standard Bank.
“We are uniquely positioned to model appropriate solutions for mitigating against and adapting to the effects of climate change, and to develop innovative financial products and services that support the green economy, reduce carbon emissions, increase climate resilience, and enhance socio-economic development.”
In the past decade, 86% of Standard Bank’s new energy lending has been to renewable energy. Click here to read full article