Environment - 02 April 2024
02 Apr 2024
ENVIRONMENT
- Standard Bank secures R5.68bn green loan. Standard Bank, Africa’s largest bank by assets, has secured a R5.68 billion sustainable Tier 2 capital loan to help fund various green and social plans – including renewable energy projects across South Africa. Standard Bank said the funding will be allocated to a portfolio of green and social assets – with a specific focus on renewable energy and affordable housing sub-categories. The facility is structured as a 10.5-year term loan. (Source)
- Total’s coastal oil drilling opposed. Environmental lobby groups The Green Connection and Natural Justice have jointly initiated a legal challenge against the decision to grant TotalEnergies environmental authorisation for exploratory drilling for offshore gas and oil off the coast between Cape Town and Cape Agulhas. They filed a review application with the High Court in Cape Town seeking to have the initial decision to grant environmental authorisation by the Department of Mineral Resources & Energy overturned, and to set aside Environment Minister Barbara Creecy’s decision to reject appeals brought against the DMRE’s decision. (Source)
- Climate change. Extreme weather events of intensifying severity may be a risk facing all countries. South Africa has witnessed the devastation that can result from the extremes of both drought and storms and the extent to which the country is ill-prepared to deal with them. Businesses need to be aware of and manage several risks associated with climate change: the physical risk to assets and the business interruption from the extreme event; the transition-related risk as the business seeks more sustainable solutions; and the financial and reputational risks from losses arising from damage and litigation due to climate related disruption. (Source)
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