South African banks are unanimous that they will continue to finance at least some coal projects for now. The reason is that an immediate halt would lead to major political-economic tensions in a nation that depends on the most polluting fossil fuels.

The four major banks have already begun to suspend their financing for new coal-fired thermal power plants. Nedbank and FirstRand have set deadlines of 2025 and 2026, respectively, to end financial support for new thermal coal mines.

Despite this positioning, the banks continue to finance existing coal mines and power plants. Absa and Standard Bank have left the door open for financing some new coal mines or power projects.

Coal-related loans make up a small part of their loan portfolios. Yet financing is vital to keep the lights on and tens of thousands of people employed in Africa's most industrialized economy. Last year, more than 90,000 people entered the labor market in the coal mines.

The state-owned power company Eskom relies mainly on coal-fired power plants, in crisis, to supply 90% of South Africa's electricity.

An immediate suspension of funding would force the already indebted South African government to intervene in the sector.

Ending funding for coal is in the spotlight. Debates lead the agenda ahead of the United Nations climate conference in Glasgow, Scotland, in November.

Coal is one of the main drivers of global warming. But on the other hand, it is a relatively cheap form of power generation that many emerging economies rely on.