Absa to finance new coal projects under “extenuating” circumstances

Absa bank on Thursday published its policy on coal financing, joining a number of the country’s other lenders in opting not to rule out funding for new coal projects.

“Absa will not fund new coal-fired electricity generation unless under extenuating circumstances that will be governed under strict guidelines,” it said in a statement, adding such financing would be evaluated against criteria including the country’s national development plan and World Bank guidelines.