Africa’s biggest lender by assets plans to raise as much as R300 billion to fund renewable energy projects, while remaining open to supporting fossil fuels.
Standard Bank Group Ltd., Africa’s biggest lender by assets, plans to raise as much as 300 billion rand by 2026 to help fund renewable energy projects, even as it remains open to supporting fossil fuels.
Still, Standard Bank’s pledges are less ambitious when compared with smaller rival Nedbank Group Ltd., which vowed last year not to fund new oil and gas exploration and promised to end support for new thermal-coal mines in 2025. Standard Bank’s shares rose as much as 4% as of 2:33 p.m. in Johannesburg, heading for the biggest one-day gain since Feb. 15.
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