South African lender Absa targets net zero carbon emissions by 2050

JOHANNESBURG (Reuters) – South African lender Absa Group aims to cut its net carbon emissions to zero by 2050 by curtailing lending to coal, oil and gas projects as well as increasing its exposure to renewables, it said on Friday.

“Absa Group, Africa’s largest funder of renewables, announced today its long-term ambition to reach net zero state by 2050 for scope 1, 2 and 3 emissions,” it said in a statement.

(Reporting by Promit Mukherjee; Editing by David Goodman)