What Nedbank’s new policy means for climate finance
Nedbank released an updated Energy Policy and Climate Change Position Statement that plans on phasing out their support of the fossil fuel industry
#PublicFinance4Climate
A call on the Minister of Finance to insist that the DBSA and IDC invest in a clean energy future with social and climate justice at the heart of transition away from fossil fuels.
#PublicFinance4Climate – Invest in the future, stop funding fossil fuels.
South Africa needs to urgently do its part in tackling the climate crisis. The country’s Public Finance institutions, specifically the Development Bank of Southern Africa (DBSA) and Industrial Development Corporation (IDC) can be powerful forces in driving a just transition to renewable energy and away from fossil fuels. Unfortunately, they pour billions of Rands of public money into fossil fuel projects, which drive the climate crisis. As Development Finance Institutions (DFIs), with mandates to contribute to sustainable economic development and social progress, they have a responsibility to invest in a clean energy future with social, economic, and climate justice at the heart of the transition away from fossil fuels.To get there, we are calling on the Minister of Finance as well as the DBSA and IDC abide by the following demands:
- The DBSA and IDC to publically commit to stop funding fossil fuels by coming out with a fossil fuel finance exclusion policy.
- Ensure that public finance institutions meet their social and economic mandates by increasing their efforts in investing in climate solutions with the aim of driving a fair, fast, and just transition away from fossil fuels.
Any new investments in coal will limit South Africa’s ability to effectively tackle the climate crisis. Instead, the country’s public funds can deliver a just transition that ensures no worker or community is left behind in the shift towards a low carbon, climate-resilient future.
Join us in another bid to stop public investment in fossil fuels by signing the #StopKarpowershipSA petition.
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Ask the DBSA not to fund Thabametsi:
350Africa is calling on the Development Bank of Southern Africa (DBSA) to publically commit to not funding Thabametsi coal-fired power station.
The impacts of climate change are being felt in South Africa today more than ever, and developing another power plant in a water-stressed region stands to threaten communities living in Lephalale. In order to avoid catastrophic climate change, no new coal infrastructure should be built.
While we welcome the Development Bank’s investments in renewable energy initiatives, these positive steps risk being undermined by support for coal infrastructure. Instead, DBSA can play a bigger role in scaling up action on climate change and delivering on the ambitions that South Africa committed to during the global climate talks held in Paris in 2015.
The Life After Coal campaign has made great strides towards stopping Thabametsi and other coal-fired power station projects from going ahead, and we are joining this struggle, focusing on the institutions financing Thabametsi.
We’re calling on the DBSA to commit to not financing Thabametsi coal-fired power plant. It is an opportunity for them to stand out and be a leader amongst financiers in South Africa, and not waiver from fulfilling their development aims of improving affordable energy access for all South Africans.
Add your name to this petition!
350Africa is calling on the Development Bank of Southern Africa (DBSA) to publically commit to not funding Thabametsi coal-fired power station because of the devastating effects this will have in Lephalale, Limpopo, South Africa.
Emissions from Thabametsi are going to be far worse than Eskom’s newest coal-fired power stations, Medupi and Kusile, and even worse than some of the country’s older power plants. Thabametsi should not even be considered because it uses some of the most polluting coal-burning technologies, with a contribution to climate change to match. What is worse, is that the effects of coal on many South Africans are insurmountable. Poor health, conflict, broken homes are but some of the effects of coal.
While we applaud the DBSA’s backing of renewable energy initiatives in South Africa, these positive steps run the risk of being undermined by pouring money into projects like Thabametsi. Renewable energy like wind and solar is not only cleaner but cheaper. Renewable energy works.
We’re calling for a shift in South Africa’s energy system and that begins with putting a stop to plans for any new coal infrastructure. This May, your petition will be delivered to the DBSA as part of a wider regional movement for a coal-free Africa.
Tweet at Finance Minister Tito Mboweni:
Take a minute to send a tweet to the Finance Minister, asking him to insist that Public Finance Institutions stop funding coal, oil, and gas.
.@tito_mboweni In light of #COVID19, it is vital that public finance institutions support a #JustRecovery that tackles #climatechange. It’s time for the @IDCSouthAfrica & DBSA to commit to a fossil fuel exclusion policy. #Publicfinance4Climate
.@tito_mboweni given the urgency to accelerate a just transition away from fossil fuels, it’s time to show real climate leadership and insist that the DBSA & @IDCSouthAfrica stop pouring public money into fossil fuel projects. #Publicfinance4Climate
Videos
UPDATES
Recruiting parliament to help stop the financing of fossil fuels
Steering public finance towards funding a just transition that supports systems anchored on renewable energy
2020 – a year that tested us all.
2020 has tested us in ways we couldn’t predict. From the devastation of the coronavirus pandemic, to unprecedented climate disasters uprooting frontline communities, millions of families are fighting with all they have to make ends meet. Meanwhile, the fossil fuel industry continues to make billions at the expense of our planet.
The Thabametsi coal-fired power plant has been cancelled!
The Thabametsi coal-fired power plant that was to be developed in Lephalale, Limpopo, has officially been withdrawn by its sponsors; Marubeni and KEPCO. The plant won’t be built.
350Africa.org wary of the appointment of Bongani Nqwababa as a board member of the Development Bank of Southern Africa (DBSA)
The Finance In Common Summit (FIC) is an opportunity for public finance institutions like the DBSA and Industrial Development Corporation (IDC) to strengthen their climate commitments through a fossil fuel exclusion policy.
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SA’s developmental finance bodies fall short on transparency
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Kicking coal can improve our water supply to all
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