Who funds SA fossil fuels?

South Africa has an extremely fossil-fuel intensive economy. According to research commissioned by our partners 350.org (download full report), in 2014, South Africa produced approximately 260 million tons of coal, of which 69.6 million tonnes, nearly 27%, was exported. South Africa contributes 6% of total global coal exports and is the world’s sixth largest coal-exporting nation. In 2013, 93% of South Africa’s energy production still came from coal.

Top lenders to big coal in South Africa 2011–2016

  • FirstRand
  • Standard Bank
  • Investec
  • Barclays (parent company of ABSA Bank)
  • Old Mutual (parent company of Nedbank)
  • Industrial Development Corporation

Top five SA fossil fuel industry recipients of credit 2011–2016

  • Eskom
  • Dreamvision Investments (Exxaro and Cennergi)
  • Glencore Xtrata
  • Sasol
  • Anglo American

The biggest investors in the SA fossil fuels industry 2011–2016

  • Public Investment Corporation
  • Industrial Development Corporation
  • Coronation Fund Managers
  • Sanlam
  • Old Mutual
  • Investec

There remains an enormous gaps between the declared public stands of these companies on climate change – many of which purport to care about it, and their actual actions, which are mostly “business as usual”.