According to a National Business Initiative report titled \u2018A Guide to Climate Change for South African CEOs\u2019, local science shows that parts of South Africa are likely to warm at twice the rate of the global average.<\/p>\n
The report predicts that western regions of the country will likely become more arid, while eastern regions will have an increased risk of extreme weather events \u2013 with temperatures increasing up to 4\u00a0\u00b0C in the east and up to 6 \u00b0C in the western and central parts of the country.<\/p>\n
The impact on South Africa could be devastating and would likely lead to the country becoming a net food importer due to a drastic increase in heat waves and water insecurity across the\u00a0nation. This in turn is likely to lead to a decrease in human productivity and effects on human health, an economic slowdown, and increased unemployment and inequality.<\/p>\n
To curb these effects, it\u2019s imperative to slow rising temperatures, therefore urgent action is required to cut emissions to reach net-zero dates faster.<\/p>\n
In 2021, South Africa released a revised national climate commitment under the Paris Agreement, designed to accelerate its efforts in confronting climate change.<\/p>\n
The new targets intend to limit GHG emissions to 398-510 MtCO2e by 2025, and to 350-420 MtCO2e by 2030 \u2013 seeing South Africa\u2019s emissions decline in absolute terms from 2025, a decade earlier than planned.<\/p>\n
Government has taken further action by way of introducing a Climate Change Bill (B9-2022) for the stated purpose of enabling the development of an effective climate change response and a long-term, just transition to a low-carbon and climate-resilient economy and society for South Africa in the context of sustainable development.<\/p>\n
The Bill also recognises the country\u2019s role in reducing global greenhouse gas emissions.<\/p>\n
Governments, however, cannot shoulder the burden of climate change alone. As responsible corporate citizens, businesses must also step up to take action.<\/p>\n
To this end, the Standard Bank Group has published its own Climate Policy that sets out clear targets to reach net-zero carbon emissions for our new facilities by 2030, our existing operations by 2040, and our portfolio of financed emissions by 2050.<\/p>\n
Our commitment also includes a strong focus on financing renewable energy in Africa and supporting sustainable agricultural practices through sustainable loan products.<\/p>\n
Importantly, the plans outlined in the policy are intended to ensure that our activities\u2019 social, economic, and environmental impacts create a net positive impact on the continent.<\/p>\n
Our targets are defined over the short (0-5 years), medium (5-10 years), and long (+10 years) terms, with an overall commitment to reach net-zero emissions by 2050. Here are some of the actions we will be taking to achieve this target:<\/p>\n
Access to sustainable power is central to economic growth and has long been a major social concern across the African continent. Here\u2019s how we\u2019re enabling our clients to achieve energy independence via renewable sources:<\/p>\n