Standard Bank, the biggest bank in Africa by assets, will host the fifth edition of its seminal Climate Summit.
The Summit, which will be held in Johannesburg on 9 September, is one of the cornerstones of Standard Bank’s sustainability strategy. This year’s Summit will focus on climate adaptation and resilience under the theme of energy, infrastructure and resilience.
“We have all observed energy challenges and extreme climate events in recent years. This year we are building on the energy transition conversation that we started with the Climate Summit four years ago by bringing in a focus on resilience – both in energy and infrastructure needed to adapt to a changing climate,” explains Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank.
According to the World Meteorological Organization (WMO) “State of the Climate in Africa 2024” report, Africa is disproportionately affected by climate change and the associated high costs required to fund essential climate adaptation and build resilience. The same report highlights that costs associated with climate change can be as much as 5% of African Gross Domestic Product (GDP) and many are allocating up to 9% of their annual budgets to respond to climate extremes.
Earlier this year the bank announced a revised target to mobilise more than R450 billion of sustainable finance by 2028. As of the end of FY 2024, R177 billion had been mobilised. The bank has also funded some of the largest battery energy storage system (BESS) projects across Africa to the tune of approximately R12 billion. BESS projects improve the resilience of the national grid and improve access to energy for communities.
Standard Bank also refreshed its Climate Policy and outlined plans on reducing its funding of upstream oil and gas.
“As we adapt to climate change, we have a duty to ensure that our response maintains a clear economic lens; adaptation must ensure the resilience and long-term preservation of our manmade and natural infrastructure for the safety and prosperity of all African’s livelihoods. It therefore cannot be done in isolation of development and growth. Standard Bank is best placed to use our considerable convening power, expertise and resources, to lead the adaptation charge with like-minded partners,” adds Masinda.
This year’s Summit will feature a series of prominent civil society, government and business leaders. It will also include dynamic panel discussions exploring critical themes at the heart of Africa’s energy transition and infrastructure development needs.
“As we enter the second half of the decade, climate action is needed both from a mitigation and an adaptation perspective – we need to match our business practices to our environments. We look forward to robust engagements that drive tangible change,” concludes Masinda.
