FirstRand Will No Longer Finance New Coal Power Projects Or New Coal Mines

News Flash

  • A Stock Exchange News Service (SENS) release confirms that FirstRand Limited  has  published its Climate Change Policy and an updated Energy and Fossil Fuel Policy.

In the updated Energy and Fossil Fuel Policy, the group has taken the following decisions:  

  1. The group will no longer finance new coal fired power stations and from 2026 will no longer provide direct
    project finance to new coal mines.
  2. The group will reduce the cap on its coal financing drawn advances from 2% to 1.5% of advances from 2026 onwards.
  3. The group will reduce the cap on its coal exposure further from 1.5% to 1% of total advances from 2030 onwards.

Related news: South Africa allocates 1500MW of new build coal capacity in its IRP

More related news: Coal Projects: The Smart Money is Jumping Ship

Author: Bryan Groenendaal

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Green Building Africa promotes the need for net carbon zero buildings and cities in Africa. We are fiercely independent and encourage outlying thinkers to contribute to the #netcarbonzero movement. Climate change is upon us and now is the time to react in a more diverse and broader approach to sustainability in the built environment. We challenge architects, property developers, urban planners, renewable energy professionals and green building specialists. We also challenge the funding houses and regulators and the role they play in facilitating investment into green projects. Lastly, we explore and investigate new technology and real-time data to speed up the journey in realising a net carbon zero environment for our children.

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