🔒 We are told that Eskom needs new investment in coal mines to keep the lights on even while our banks, reading from a different script, are saying “no, no, no”.
We are told that Eskom needs new investment in coal mines to keep the lights on even while our banks, reading from a different script, are saying “no, no, no”.viewers that Nedbank and Standard Bank have said “they are not going to put money in coal any more. To me, that’s an invitation for prescribed assets,” he said in a reference to the party’s investigation as to whether it should force pension funds to invest in developmental projects.
Standard Bank meanwhile faces a resolution tabled by nonprofits Just Share and the Raith Foundation and activist Theo Botha, for consideration at its annual general meeting on May 30, to include climate risk disclosure in its reporting.
“Every rand invested by South African banks in new fossil fuels increases climate risk, renders it hard to transition to a low-carbon economy, and exposes the banks to reputational and financial risks,” Just Share says in a memorandum that explains why it wants Standard Bank shareholders to vote in favour of disclosing climate risk.
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