Investec Group will fund coal projects for another seven years in South Africa, while its UK subsidiary will end all coal financing exposure in 2027, it said on Friday.
Cooling towers are pictured at a coal-based power station owned by state power utility Eskom in Duhva, South Africa, February 18, 2020. Picture taken February 18, 2020. REUTERS/Mike Hutchings//File PhotoCut coal exposure to zero for UK division by March 31, 2027will fund coal projects for another seven years in South Africa, while its UK subsidiary will end all coal financing exposure in 2027, it said on Friday.
But the lenders have said they have to balance the continent's developmental goals with the effects of fossil fuels on the environment. The bank has already stopped all limited recourse project financing to new thermal coal mines, regardless of jurisdiction, it said.Typically, banks prefer full recourse to limited recourse, which limits ability to recoup loans by seizing assets of a borrower beyond what is written in the loan contract.
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