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Standard Bank ranked one of world’s greenest banks

Standard Bank ranked one of world’s greenest banks

Photo by reuters

23rd September 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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The Standard Bank Group has been named one of the world’s greenest banks by Bloomberg Markets, ranked eighteenth out of 20 global finance institutions recognised for their investments in green-energy projects and efforts to reduce their own waste and carbon footprints.

The banking group was the only South Africa-headquartered bank included in the yearly World’s Greenest Banks report, which based its rankings on material gathered from yearly and corporate-social responsibility reports, websites and other public documents covering the banks’ 2013 fiscal years.

The report, released on Tuesday noted that, as global investments in clean energy sank 11% to $245-billion last year, banks hit on a new opportunity: funding, advising and leading the initial funding offering of renewable-power investment firms known as yield companies.

“’Yieldcos’, as they’re known, grow by purchasing the solar, wind and other power plants that supply utilities under long-term contracts. From a trickle
a few years ago, they’ve raised more than $3.8-billion since last year,” the report read.

Investors – especially banks – liked to invest in ‘yieldcos’, as utilities paid the firms a “steady stream of cash” for the electricity produced by their solar and wind installations.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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