Members of the Fair Finance Coalition of Southern Africa are hosting a side event at COP27 today (November 10th) to launch the findings of a second policy assessment report on six Public Finance Institutions in Africa. The policy assessment, titled “Financing Fairly 2022: Are Public Finance Institutions in Southern Africa financing the Climate Crisis?”, rates PFIs on transparency and accountability, climate response performance and new power generation.
Join the Fair Finance coalition in publicising what PFIs scored and demanding that they do better. Join the action on Twitter:Click any of the links below to Tweet right away.
Today at #COP27 the Fair Finance Coalition of Southern Africa will launch the findings of the #FinancingFairly policy assessment on six public finance institutions in Africa, rating them on transparency, accountability and climate response performance.
#FinancingFairly Findings🧐: Public finance institutions in Africa are supposed to align their policies with the ambitions of the Paris Agreement. Yet, many PFIs still fund fossil fuels to the detriment of Africans. Streaming live via 📽️ https://afrikavuka.org/thepeoplesjetp/
#FinancingFairly Findings: Africa is warming faster than any other region. Reducing greenhouse emissions to meet the 1.5 C Paris agreement is vital to avoid climate catastrophe on the continent😳 #FairFinanceSA#ClimateFinance https://afrikavuka.org/thepeoplesjetp/
#FinancingFairly Findings: As of Nov 2021, the IDC had a total shareholding of 1545 million USD in 2 coal companies. The IDC is the worst-performing public finance institution in Africa, with poor scores on climate response, transparency and accountability and energy generation.
South Africa is the largest carbon emitter in Southern Africa. Coal power plants made up 83.5% of the country’s energy mix in 2020. The Public Investment Corporation is the 3rd largest South African institution investing in the coal industry. #FinancingFairly. https://afrikavuka.org/thepeoplesjetp/
#FinancingFairly Findings🧐: Export Credit Insurance Corporation’s recent loan agreement with @TotalEnergies is worth $800m and is intended to export Gas from Mozambique to Europe. Meanwhile, communities in Mozambique have exceptionally limited access to electricity.
#FinancingFairly Findings 🧐: Without a clear strategy on how or when it will phase out fossil fuel financing, the @AfDB_Group continues to provide the highest amount of project finance for fossil fuel projects in Africa, according to a report. https://afrikavuka.org/thepeoplesjetp/
On the 22nd of October, the Fair Finance Coalition of Southern Africa (FFCSA), with civil society organisations, hosted a Civil Society Town Hall on Climate Finance and the Just Energy Transition Partnership (JETP) at Constitution Hill. The town hall aimed to pull together the little information about the JETP know by civil society and to contextualise the need for climate finance. We were joined by over 60 members of civil society, including academics, journalists, representatives from the labour and youth sectors and climate finance experts.
You can still watch it:
About Fair Climate finance
The Fair Finance Coalition of Southern Africa is a civil society coalition working towards ensuring Development Finance Institutions invest in a socially and environmentally responsible manner in South Africa and Africa. The coalition focuses on issues of climate change and transparency.
350Africa.org and partners calling on the Development Bank of Southern Africa (DBSA) to adopt a fossil fuel funding exclusion policy and to ensure that social and climate justice is at the centre of the transition away from fossil fuels.