South Africa's FirstRand will end funding for new coal-fired power stations and coal mines and has lowered the cap on its coal exposure as part of moves to reach net-zero emissions by 2050, it said on Wednesday.
South Africa's banks are the biggest on the continent, with the likes of FirstRand major lenders to fossil fuel projects, especially in oil and gas, and are increasingly under pressure from environmental groups to turn off the taps.
FirstRand, which had previously said it would continue supporting coal due to its importance to the South African economy, said it would no longer fund new coal-fired power stations and would stop all funding for new coal mines from 2026.
"It is the long-term ambition of FirstRand to be net-zero by 2050 across operational and financed emissions," it said in a statement announcing its updated coal policy.
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