Local banks no longer finance coal-fired power stations as part of their climate policies. Yet half of Africa has no electricity, and Africa’s contribution to carbon pollution is low, according to Standard Bank CEO Sim Tshabalala.
We have already experienced the runaway cost of the foreign-currency denominated arms deal under former president Thabo Mbeki, and we must avert another financial nightmare. Foreign finance houses BlackRock and Vanguard have refused to stop financing fossil fuel options in the interest of their clients .
No the banks are independent
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