Africa’s banking giants bet on green finance
COMMERCIAL banks across Africa, both domestic and foreign, are stepping up their game to forge innovative green financing mechanisms that will bolster climate change mitigation and support the transition towards cleaner energy sources. Three South African financial institutions—Standard Bank, Liberty Group and Stanlib Bank—have joined forces to launch a monumental US$1 billion fund aimed at facilitating the shift towards clean energy. Reports on Afrik21 indicate the trio aims to raise the sum "in a few years." A statement from Stanlib details how Liberty and Standard Bank will provide US$160 million (R3 billion) in seed assets to be managed by Stanlib.…