Africa’s biggest lender by assets - SBGroup plans to raise as much as R300 billion ($20 billion) by 2026 to help fund renewable energy projects, even as it remains open to supporting fossil fuels. Moneyweb CompanyNews
Standard Bank Group Ltd., Africa’s biggest lender by assets, plans to raise as much as R300 billion by 2026 to help fund renewable energy projects, even as it remains open to supporting fossil fuels. The Johannesburg-based lender pledged to achieve a net zero carbon emissions target in its own operations by 2040 and from its portfolio of financed emissions by 2050, in line with the Paris Agreement, the company said in a statement on Wednesday outlining its climate goals.
9% as of 11:30 a.m. in Johannesburg, the biggest intra-day gain in a week. In May last year, a group of investors including Abax Investments Ltd., Aeon Investment Management Ltd. and Visio Capital Management Ltd. had sought a non-binding resolution that would push the lender to set short-, medium- and long-term goals to reduce its exposure to fossil fuels. “I do think it is balanced,” said Warwick Bam, head of research at Avior Capital Markets Ltd.
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