- Standard Bank plans to invest R250 billion in South Africa’s green energy by 2026.
- Standard Bank has chosen to limit its involvement in fossil fuel production and consumption.
Standard Bank has raised USD 200 million in green bonds on the London Stock Exchange in 2020 to expand access to climate finance in South Africa (LSE). The bonds were backed by the International Finance Corporation (IFC), the World Bank Group’s private sector lending arm. The earnings from these bonds are already being utilised to fund renewable energy initiatives and other energy-related projects.
The bank plans to invest R250 billion ($17bn) in South Africa’s green energy sector. According to the bank, the investments will be made between now and 2026, allowing the Johannesburg-based company to support renewable energy development projects in South Africa and, eventually, across Africa.