The energy transition journey must not be something done for its own sake we must ensure that the process drives social goals, upliftment and growth, said Luvuyo Masinda, Standard Bank Groups Chief Executive of Corporate and Investment Banking, in his remarks at the Banks annual Climate Summit in Johannesburg on 1 October.
This ethos had to apply to each of Africas 54 countries, where all are coming from different starting points.
He pointed out that to achieve a sustainable and just energy transition would require a greater focus on development, building local value chains and extracting the greatest value out of natural endowments where they exist, while still meeting targets towards net zero in the fight against climate change.
It is very clear this will require huge collective effort. We have gone beyond what is right and wrong to how to do it.
The event, held in Johannesburg, is the fourth of its kind and one of the cornerstones of the Standard Bank Groups sustainability strategy.
