Managing climate risk and opportunity
We commit to enabling Africa’s just energy transition and to prudently managing climate risk.
We are committed to the goals of the Paris Agreement and the UAE Consensus adopted at COP28 in December 2023. Our group ambition is to achieve net zero across our lending and investing activities by 2050, and in our direct operations by 2030 for newly built facilities, and by 2040 for existing facilities. Enabling Africa’s just energy transition is central to our strategy. We continue to expand our financing for renewable energy, distributed energy systems, and associated energy infrastructure. We are working with our clients to support their energy transitions, improved energy efficiency, and decarbonisation.
We offer various solutions to support households, small businesses, and farmers across Africa to shift to more energy efficient and renewable energy solutions. We prudently manage climate risk through a group-led climate risk management programme that integrates climate-related risks into the overall risk management framework as a transversal risk that impacts other risk types.
Supporting the transition
Mobilised
R65 billion
R65 billion
for development of new renewable energy infrastructure. Investment in renewable energy infrastructure is a priority for the group.
We have financed 3 640MW of new renewable energy infrastructure in South Africa since the launch of South Africa’s renewable energy independent power producers programme (REIPPP) in 2011.
This equates to more than R50 billion of committed financing over the past 12 years.
We have financed 3 640MW of new renewable energy infrastructure in South Africa since the launch of South Africa’s renewable energy independent power producers programme (REIPPP) in 2011.
This equates to more than R50 billion of committed financing over the past 12 years.
Our climate journey and future commitments
Our climate policy is designed with Africa’s social, economic and environmental context as its starting point. We have set commitments and targets for thermal coal, oil, gas and agriculture, based on their identified levels of elevated climate risk. Over the next 2 to 3 years, climate targets and commitments will also be set in additional sectors including insurance, residential and commercial property, and transportation.
2019
- Implemented restrictions on financing thermal coal mining and coal-fired power generation
- Joined UNEPFI’s TCFD pilot programme for banks
- Established sustainable finance team to leverage climate-related opportunities
2019
2019
- Implemented restrictions on financing thermal coal mining and coal-fired power generation
- Joined UNEPFI’s TCFD pilot programme for banks
- Established sustainable finance team to leverage climate-related opportunities
Climate-related Financial disclosures (CRFD) Report
Discusses how the group is managing the risks and responding to the opportunities presented by climate change, aligned to the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD).
Download our climate policy documents