However, the bank supports the idea of financing a balanced energy mix. These are projects that will look at making existing coal powered plants more efficient and environmentally friendly.

ABSA CIB and Enel Green held a roundtable discussion under the theme "sustainable financing is the key to unlocking a climate-resilient Africa" in Sandton north of Johannesburg today, "As a firm, we are very much in support of what we refer to as a balanced energy mix for the continent and for South Africa.

However, we have also taken a position and brought clear red lines on certain issues, so for an example, our position on core financing is that we do not finance new coal-fired power station, so that's a clear red line that we have put forward as part of our broader commitment towards sustainability and the net zero journey."

--ChannelAfrica--