FirstRand ends coal project funding

File: Mpumalanga is home to 12 coal-fired power plants. AFP/Mujahid Safodien

JOHANNESBURG - FirstRand is no longer financing new coal-fired power stations.

The owner of FNB and WesBank, says direct project financing for new coal mines will end in 2026.

(VOICEOVER)

It also pledged its commitment to achieving net-zero emissions by 2050.

Its energy and fossil fuel financing policy document reveals more cost-effective and environmentally friendly alternatives.

FirstRand says it will continue to support the operational financing of its existing coal sector clients, as the electricity grid needs support.

 

 

 

 

 

 

FirstRand is no longer financing new coal-fired power stations.

The owner of FNB and WesBank, says direct project financing for new coal mines will end in 2026.

READ: COVID-19 sinks FNB earnings

It also pledged its commitment to achieving net-zero emissions by 2050.

Its energy and fossil fuel financing policy document reveals more cost-effective and environmentally friendly alternatives.

FirstRand says it will continue to support the operational financing of its existing coal sector clients, as the electricity grid needs support.

Source
eNCA

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