South Africa’s banks should be forced to invest in new coal mines in the country, the ruling African National Congress’s head of economic transformation said. Nedbank Group and Standard Bank Group have said “they are not going to put money in coal any more,” Enoch Godongwana said in an interview on Carte Blanche, a Johannesburg-based investigative television programme. “To me, that’s an invitation for prescribed assets,” he said in a reference to the party’s investigation of whether to force pension funds to invest in developmental projects.
