Biggest African bank cites energy needs in fossil fuel defense

Standard Bank Group, Africa’s biggest lender by assets, defended it’s investment in fossil-fuel projects, saying tthe continent’s energy needs have to be balanced with climate concerns. The Johannesburg-based bank’s exposure to coal mining, oil and gas and power generation from fossil fuels rose 21% last year to R119.4-billion, according to Just Share, a Cape Town-based shareholder activist organisation. While that’s almost five times its exposure to renewable energy projects, lending to green-power initiatives rose 84% over the year.