Shareholder activist organisation Just Share has analysed financial services firm Absa’s recently published Coal Financing Standard and Oil and Gas Financing Standard, as well as Absa’s 2022 disclosures partially aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (2021 TCFD Report), and says “Absa’s intention is quite clearly to continue to fund coal, oil and gas projects.” The bank’s oil and gas standard states that “Absa will strive to achieve a balanced energy portfolio funding diversification mix between renewable energy, oil, natural gas, biomass, hydrogen and coal”, Just Share climate change engagement director Robyn Hugo says.
