Our climate strategy (2026)

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A leading energy group in Africa is committed to enabling the continent's just energy transition and prudently managing climate risk. The group has set ambitious targets to achieve net zero across its lending and investing activities by 2050, and in its direct operations by 2030 for newly built facilities and 2040 for existing facilities. The group is expanding financing for renewable energy, distributed energy systems, and associated infrastructure, while working with clients to support their energy transitions, improved efficiency, and decarbonization.

Why it matters

As Africa grapples with the challenges of energy access and climate change, this group's climate strategy is crucial in driving the continent's just energy transition. By mobilizing significant financing for renewable energy and supporting clients' decarbonization efforts, the group is playing a vital role in addressing the region's environmental and economic development needs.

The details

The group has committed to various initiatives to support Africa's energy transition, including mobilizing R65 billion for the development of new renewable energy infrastructure and financing 3,640MW of new renewable energy projects in South Africa since 2011. The group has also implemented a climate risk management program, joined the Partnership for Carbon Accounting Financials (PCAF) to measure financed emissions, and set targets and commitments for sectors such as thermal coal, oil, gas, and agriculture based on their identified climate risk levels.

• In 2022, the group committed to achieving net zero by 2050 and published its climate policy with targets and commitments for phase 1 sectors.
• In 2023, the group published phase two commitments and targets, implemented climate risk scenario analysis and stress testing, and selected phase three sectors to commence risk assessment and target setting.
• By 2025, the group plans to publish targets and commitments for additional sectors, publish financed emissions for those sectors, and review and update its existing climate policy.

What’s next

The group plans to publish targets and commitments for additional sectors, publish financed emissions for those sectors, and review and update its existing climate policy by 2025.