Standard Bank halts new coal-power funding, but backs gas as ‘transition fuel’

The Standard Bank Group has become the latest South African bank to confirm that it will no longer finance new coal-fired power plants or support the expansion of existing coal-fired power plants as part of its newly unveiled commitment to achieve net-zero carbon emissions from its portfolio of financed emissions by 2050. The group has also pledged, in a climate policy released by CEO Sim Tshabalala on March 16,  to achieving net zero carbon emissions from its own operations by 2040.