FirstRand ending funding for coal projects

Jan

Jan

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FirstRand pulls plug on coal power

FirstRand Ltd., Africa’s biggest bank by market value, is ending its funding of new coal-fired power stations immediately and will halt the financing of new projects to mine the fuel over the next five years.

The Johannesburg-based lender joins its peer Nedbank Group Ltd. in making such commitments as pressure mounts on banks to shun fossil-fuel lending from investors and activists.
 
system32 said:
Good
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Renewables will never reach the scale of power that fossil fuels can provide in any remotely realistic timeframe to avoid disastrous effects, nevermind alternative irreplable uses of it (e.g. concrete). The time and money to completely replace existing infrastructure, it's impossible. The ratio of renewables to fossil world-wide has barely changed by any meaningful measure and every single COP event has had no effect whatsoever on rise of CO2, no dent in the graph from any COP.

Carbon taxes won't be proportional to income, but priced into everyday goods/services by businesses.
The wealthy can afford to stomach carbon taxes, the working and middle class will bear the brunt of the cost.

Mark my words, this planet will eventually be a smouldering husk; and there will still be the wealthy eating kobe beef and foie gras topped with caviar, aboard their jet-fuel learjets and bunker-oil superyachts.

Bend over peasant.
 
Why over the next 5 years? that’s more like weaning itself off than halting..
 
Bleh - this so-called "ethical investing" is just another way for the banks to appear Woke. Feasible projects will always attract investors...it may just end up coming from other angles, e.g. China
 
Arthur said:
Ag shame, man. Poor FirstRand. Captured by wokery. Means they probably won't invest in nuclear, which is the sane way to go.
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I'm wondering if they should just change nuclear to something like green fusion technology or something to stop the fear over it.
It seems the world has bought into wind and solar being the only green energy, but forgetting that the parts needed to make that aren't green.
 
Lupus said:
I'm wondering if they should just change nuclear to something like green fusion technology or something to stop the fear over it.
It seems the world has bought into wind and solar being the only green energy, but forgetting that the parts needed to make that aren't green.
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But how long to wait for fusion? Since the 1980s we've been hearing that feasible fusion is ten years away. It still is. I don't doubt that we'll get there some day. But in the meantime fission, esp Gen IV, makes sense. Even for SA, especially for SA - mainly because local nuclear will require international oversight and fuel supply, and that'll help to keep our corrupt overlords from totally screwing it up.
 
Arthur said:
But how long to wait for fusion? Since the 1980s we've been hearing that feasible fusion is ten years away. It still is. I don't doubt that we'll get there some day. But in the meantime fission, esp Gen IV, makes sense. Even for SA, especially for SA - mainly because local nuclear will require international oversight and fuel supply, and that'll help to keep our corrupt overlords from totally screwing it up.
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Nuclear research was put on the back burner cause of the fears, I mean even here in SA the PBMR was scrapped cause it wasn't feasible and people wanted greener things. Thinking solar and wind are greener, for some reason people also seem to think solar is feasible for peak if we just used it to pump water. Cause you know we have plenty of water in SA.
You've even got the ones thinking you could use wave energy at the coast, there is a lot of people who will just bypass nuclear for some radical ideas like gravity power and wave and and, over nuclear
 
Gordon_R said:
Even China is pulling out of coal projects now:
www.bbc.com

China pledges to stop building new coal energy plants abroad

The announcement is the country's latest climate pledge and a major step forward to address emissions.
www.bbc.com www.bbc.com
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Well new coal power stations.. you know that they last for 40yrs or so and most economies claim to be aiming for carbon neutrality.. which means they not aiming to stop, merely offsetting coal usage via hypothetical things like reforesting or paying people not to cut down forests(which is kinda weird as technically that carbon sink always existed yet suddenly it becomes a -ve deduction).
 
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