Standard Bank Group has published its Fossil Fuels Financing Policy as part of its efforts to improve its management of environmental, social and governance (ESG) risks, and contribute to the sustainable development of Africa.
The bank states that this policy is part of a comprehensive roadmap to reduce its exposure to climate-related risk being both from the physical risk of climate change and the risk arising from the transition to a net-zero carbon economy.
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This policy sets parameters for group financing of companies and projects in the fossil fuels sector, specifically coal, and oil and gas. The policy sets out principles and minimum standards to be adhered to.
The report should be applied in conjunction with the bank’s Coal-Fired Power Finance Policy and Thermal Coal Mining Policy. It applies to all business units and legal entities within SBG, excluding Liberty Holdings.