JPMorgan backs ‘just transition’ to green energy in SA
US banking giant says the global decarbonisation drive is a big opportunity for emerging markets but acknowledges that the managing transition will take time
JPMorgan says the global drive to achieve net zero carbon emissions by 2050 is “the biggest opportunity in a generation” for countries seeking to attract investment in new energy technologies, but emerging markets including SA need more time to manage the transition.
Chuka Umunna, the banking giant’s head of environmental, social and governance (ESG) for Europe, the Middle East and Africa (EMEA), says the bank is supportive of a so-called just transition even as financial firms come under increasing pressure to reduce their financing of carbon-intensive projects. SA, like many developing nations, relies heavily on fossil fuels to power its economy; the vast majority of its electricity is generated at coal-fired power stations...
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