{"id":811,"date":"2019-01-30T15:25:16","date_gmt":"2019-01-30T15:25:16","guid":{"rendered":"https:\/\/afrikavuka.org\/?p=811"},"modified":"2025-03-26T22:50:11","modified_gmt":"2025-03-26T22:50:11","slug":"350africa-welcomes-nedbanks-clean-break-away-from-coal","status":"publish","type":"post","link":"https:\/\/afrikavuka.org\/fr\/350africa-welcomes-nedbanks-clean-break-away-from-coal\/","title":{"rendered":"350Africa Welcomes Nedbank\u2019s Clean Break Away From Coal"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Following years of portraying themselves as a green bank, Nedbank has demonstrated their willingness to <\/span><a href=\"https:\/\/www.ee.co.za\/article\/nedbank-withdraws-funding-for-new-coal-ipps.html\"><span style=\"font-weight: 400\">Make Change Happen<\/span><\/a><span style=\"font-weight: 400\"> and address climate risks by withdrawing from financing Thabametsi and Khanyisa, two proposed coal fired power plants that form part of governments Coal Independent Power Producer Program (CIPPP). This announcement follows a <\/span><a href=\"https:\/\/350africa.org\/350africa-urges-nedbank-to-do-the-right-thing-and-make-a-clean-break-from-coal\/\"><span style=\"font-weight: 400\">2018 declaration<\/span><\/a><span style=\"font-weight: 400\"> that the bank will no longer provide project financing for coal fired power stations excluding the Coal IPP\u2019s which they had committed to. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The Coal IPPS have been embroiled in multiple long-standing legal challenges that have delayed financial sign off and culminated in the expiry of varying proposals by a syndicate of South African banks to finance the coal IPP\u2019s. <\/span><\/p>\n<p><span style=\"font-weight: 400\">With reports of Standard Bank instructing the Department of Energy (DOE) that they will <\/span><a href=\"https:\/\/www.ee.co.za\/article\/funding-of-two-new-coal-ipps-in-south-africa-under-threat.html\"><span style=\"font-weight: 400\">stop funding the construction of any new coal fired power stations<\/span><\/a><span style=\"font-weight: 400\"> in September 2018, and Nedbank&#8217;s 2019 announcement, the Development Bank of Southern Africa (DBSA), ABSA and the First Rand Group have not yet been bold enough to renounce their shared commitment even though their respective mandates to finance the coal IPP\u2019s have expired. <\/span><\/p>\n<p><span style=\"font-weight: 400\">In a welcomed move, Nedbank is gearing up to walk their talk by prioritising future energy financing for projects in energy efficiency and renewable energy. This is a move that sees the DBSA &#8211; a state owned development finance institution, that is yet to accelerate sustainable socio-economic development, lagging behind commercial banks. \u00a0It is our hope that the DBSA will soon make a clean break from coal fired power and use its financial prowess to further scale up their investments in renewable energy and climate solutions, together with breaking free from the shackles of coal fired power stations which exacerbate the climate crises.<\/span><\/p>\n<hr \/>\n<p><b>350Africa, in collaboration with <\/b><a href=\"https:\/\/lifeaftercoal.org.za\"><b>the Life After Coal campaign<\/b><\/a><b> launched the #ThumaMinaDBSA campaign in March 2018 targeting the DBSA. Referencing president Cyril Ramaphosa\u2019s New Dawn speech, we\u2019re calling on the Development Bank to \u201clend a hand\u201d in the fight against climate change, and commit to not funding Thabametsi. <\/b><a href=\"https:\/\/350africa.org\/thumamina-dbsa\/\"><b>Please add your voice to the call<\/b><\/a><b>.<\/b><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Following years of portraying themselves as a green bank, Nedbank has demonstrated their willingness to Make Change Happen and address<span class=\"text-cutoff\">&#8230;<\/span><\/p>","protected":false},"author":78,"featured_media":812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,43,322,4],"tags":[58,14,59,62,24],"class_list":["post-811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa","category-news","category-post","category-south-africa","tag-coal","tag-dbsa","tag-mpumalanga","tag-nedbank","tag-south-africa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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