Fair Finance Southern Africa launches policy assessment at COP27
Financing Fairly 2022: Are Public Finance Institutions in Southern Africa financing the Climate crisis?
Members of the Fair Finance Coalition of Southern Africa hosted a side event at COP27 on the 10th of November, during which the coalition launched its second policy assessment. The policy looked at six Public Finance Institutions in Africa, including the African Development Bank of Southern Africa.
The policy assessment rates PFIs on eight different themes and out of the eight themes assessed the banks scored worst on climate change and transparency and accountability, while also scoring poorly on power generation and gender.
Another major finding was that none of the six PFIs publicly disclose concrete policies or plans to phase out fossil fuels in their financing or investment portfolios.
See the 10 principles for fair finance endorsed by Fair Finance Southern Africa here.
Read the report in full here.