Just transition: Finance sector told to 'do no harm' or perpetuate 'devastation'

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There is growing pressure for South Africa to reduce its reliance on coal.
There is growing pressure for South Africa to reduce its reliance on coal.
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"Do no harm" - this was the message to financiers and investors looking to support the country's transition to a low-carbon economy.

This week, the Banking Association of South Africa is holding a two-day virtual Sustainable Finance Conference.

In a keynote address, the director of the Presidential Climate Change Commission (PCCC), Dr Crispian Olver, said for South Africa to limit emissions from 350 to 420 MT by 2030 - its Nationally Determined Contribution - roughly R900 billion would be needed.

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