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Standard Bank publishes climate-change-mitigating fossil fuels financing policy

Financial services company Standard Bank Group has published its Fossil Fuels Financing Policy (FFFP) as part of its efforts to improve its management of environmental, social and governance (ESG) risks and contribute to the sustainable development of Africa.
 
This follows the 2019 adoption of policies on lending for coal-fired power projects and coal mining operations specifically.
December 10, 2020 by

2020s a ‘once-in-generation opportunity’ to scale job-rich, zero-carbon industries

The 2020s represent a “once-in-a-generation opportunity” for countries, companies and investors to scale zero-carbon industries that will stimulate growth, support more resilient economies and create millions of jobs, a newly released global report argues. Titled ‘The Paris Effect: How the climate agreement is reshaping the global economy’, the report has been published by global consultancy SYSTEMIQ, a Certified B Corporation founded in 2016 to drive the achievement of the Paris Climate Agreement and the United Nations Sustainable Development Goals. B Corporations are for-profit companies that seek to use the power of business to solve social and environmental problems.
December 10, 2020 by

Western Cape Cabinet approves Atlantis SEZ land transaction

The Western Cape Cabinet has approved key amendments to the founding documents of the Atlantis Special Economic Zone Company (ASEZ Co), which enabled the purchase of land on which the ASEZ Co is located from the City of Cape Town in exchange for minority shareholding in the ASEZ Co. This is considered a critical step in the development of the ASEZ Co, as it allows the company to attract and engage investors independently over the next three years, with the ability to negotiate terms directly.
December 9, 2020 by

AfDB, Irena to jointly advance Africa’s energy transition

The International Renewable Energy Agency (Irena) and the African Development Bank (AfDB) will jointly support investment in low-carbon energy projects, a move which is expected to advance Africa’s energy transition. The two entities have signed a declaration of intent to coordinate on a range of activities, including co-organising renewable energy investment forums as part of Irena’s contribution to the Climate Investment Platform, and collaboration on the AfDB’s yearly flagship Africa Investment Forum event.
December 9, 2020 by

Pay for electricity to help Eskom succeed, Mabuza urges

Communities must pay for electricity if Eskom is to succeed, Deputy President David Mabuza has said. “Doing so is in the best interest of our country,” he said on Tuesday morning at a Nedlac summit, which will see business, trade union and government leaders sign a social compact to support the ailing power utility.
December 8, 2020 by

Social partners ink compact on reducing Eskom’s debt and facilitating ‘just transition’ …

Organised business, labour, community and government have officially signed a social compact in support of debt-laden Eskom that also endorses the need for a “just transition” for coal workers and communities as the electricity system begins to transition to higher levels of renewable energy and self-generation. The compact, which at its core endorses the need to reduce Eskom’s unsustainable debt burden, was signed at the twenty-fifth annual summit of the National Economic Development and Labour Council (Nedlac).
December 8, 2020 by

EIUG urges members to apply for relief under negotiated pricing agreement framework

The Energy Intensive Users Group of Southern Africa (EIUG) has welcomed the ‘Short-Term and Interim Long-Term Negotiated Pricing Agreement (NPA) frameworks’ approved by the Department of Mineral Resources and Energy (DMRE) and is encouraging its members to apply for these opportunities where applicable. Through previous NPAs, industrial and mining companies that rely heavily on electricity for production have secured favourable tariffs, typically indexed to the price of the commodity being produced and usually for a time-defined period.
December 8, 2020 by

Seifsa calls for moratorium on power hikes as Eskom makes case for cost-reflectivity

Steel and Engineering Industries Federation of Southern Africa (Seifsa) used the platform created by ongoing National Energy Regulator of South Africa (Nersa) hearings to call for a moratorium on additional electricity tariff hikes, arguing that further increases would undermine the country’s Economic Reconstruction and Recovery Plan. The hearings are being held to assess a supplementary application submitted by Eskom in line with a court decision to remit the regulatory clearing account (RCA) decisions for the 2015, 2016 and 2017 financial years back to the regulator for reconsideration.
December 7, 2020 by