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27 May 2020

So. Africa: Report finds some public finance institutions failed to publicly account for their response to climate crisis, whilst banks slowly begin to respond

Investment policies of South African development finance institutions the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa (DBSA) not only fall short of international social, environmental and governance standards, but are not yet being deployed to support a just transition towards a climate resilient future. Head of CER’s Corporate Accountability & Transparency programme Leanne Govindsamy says: “DFIs have the potential to fulfil an important role in financing a more equitable and just society - one in which the inter-dependence of people and the environment is valued and protected.  As a legal organisation working to realise environmental justice, the CER recognises the important role of DFIs in advancing climate and environmental justice, and we hope that our assessment proves useful in helping them to refine their policies. We also hope that civil society organisations use the assessment to inform their different areas of work and engage constructively with DFIs.”