Standard Bank, the largest bank in Africa by assets, is gearing up to host its fifth Climate Summit in Johannesburg on 9 September. This annual event is a key component of Standard Bank’s sustainability strategy, with this year’s focus centered on climate adaptation and resilience in the areas of energy, infrastructure, and resilience.
Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank, emphasizes the importance of addressing energy challenges and extreme climate events. The bank aims to continue the conversation on energy transition that was initiated four years ago, now with a heightened emphasis on resilience in both energy and infrastructure to combat the impacts of a changing climate.
The World Meteorological Organization’s “State of the Climate in Africa 2024” report underscores the disproportionate impact of climate change on Africa, highlighting the substantial costs associated with climate adaptation and resilience-building efforts. In response to these challenges, Standard Bank has set ambitious targets to mobilize sustainable finance, with significant investments already made in battery energy storage system projects across the continent.
As part of its commitment to sustainability, Standard Bank has revised its Climate Policy and outlined plans to decrease funding for upstream oil and gas projects. Masinda stresses the importance of integrating economic considerations into climate adaptation efforts to ensure the long-term preservation of vital infrastructure for African communities.
The upcoming Climate Summit will bring together a diverse group of stakeholders, including civil society, government, and business leaders, for engaging panel discussions on key themes related to Africa’s energy transition and infrastructure development needs. Masinda looks forward to productive discussions that drive meaningful change in the region’s approach to climate action.
As the bank continues its efforts to lead the charge on climate adaptation, Standard Bank remains committed to leveraging its expertise, resources, and partnerships to drive tangible outcomes for the benefit of African livelihoods. With a focus on both mitigation and adaptation, the bank is poised to play a pivotal role in shaping a sustainable future for the continent.
Stay tuned for updates from the Climate Summit as industry leaders come together to chart a course towards a more resilient and sustainable future for Africa.
