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Absa blasted for backing new coal, but says it's a leader in financing renewables

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Absa says it will review its fossil fuel lending targets every three years.
Absa says it will review its fossil fuel lending targets every three years.
Elvira Wood

Absa has hit back at shareholder activist group Just Share for its scathing analysis of the bank's fossil fuel strategies, which branded Absa's response to the climate change crisis as inconsistent with climate science and blasted its funding of coal, oil and gas projects. 

But Absa says it is a leading financier of renewable energy in South Africa, with its renewable energy loans outweighing those of fossil fuels. 

Just Share on Tuesday released an analysis of Absa's Coal Financing Standard and Oil and Gas Financing Standard – which were released in May – as well as the bank's Task Force on Climate-related Financial Disclosures (TCFD) 2021 report which unpacks it commitments in tackling climate change. 

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