As Standard Bank sits for its Annual General Meeting (AGM) in Johannesburg South Africa today, green economy activists have reminded the bank to consider allocating more finances to green economy alternatives in East Africa.
In a statement issued by Inclusive Green Economy Network-East Africa (IGEN-EA), the activists believe that reduction of investment in fossil fuels and investing more in green economy will help to combat climate change effects.
IGEN-EA is a network of more than 35 East African civil society and private sector players whose main objective is to promote green economic alternatives.
Their areas of focus include clean energy, organic agriculture and fisheries, tourism and agro-forestry promotion.
South Africa’s Standard Bank operates as Stanbic Bank in Uganda.
The network avers that the bank’s continued financing of oil and gas fuels climate change, which stands to negatively impact green economic alternatives that employ the majority of East Africans.