The African continent needs to adopt a balanced approach between environmental needs and its pressing energy needs, suggested Standard Bank's Chief Investment Officer, and therefore advocated investment in fossil fuels.

Kenny Filha says that African countries cannot ignore the energy supply shortages they are currently facing. He believes that today's challenges "will not be solved overnight. That's why a much more balanced approach is needed".

Standard Bank's exposure to fossil fuel energy projects, namely coal, oil and gas of fossil origin increased by 21% in 2022, to 6.5 billion dollars, according to the Newsciting a study by Just Share.

The figure is five times higher than the bank's investments in renewable energies, yet loans for this energy sector increased by 84% in the same year.