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As investors and financial intermediaries, private banks are increasingly confronted with climate change concerns. But to what extent do banks identify as the changemakers driving climate alignment forward? To advance this question, this paper analyzes the South African banking sector with a specific focus on Standard Bank and Nedbank as exemplary case studies. Relying on the concept of "climate mainstreaming", we critically assess the banks' annual reports and compare their self-portrayal with publicly available sources on the bank's business practices, chiefly provided by non-governmental organizations and media. We find that Nedbank pushes a holistic narrative of climate change as an inevitable business opportunity. Standard Bank, in turn, relies on a "narrative of balance" between climate change and other profit-oriented investments to safeguard its stakes in the fossil industry. In so doing, this paper sheds light on greenwashing practices within disclosure specifically and the lack of binding corporate regulation more generally.
The twenty-seventh Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) in Sharm el-Sheikh made history by for the first time ever discussing and ultimately even agreeing to establish a fund to address loss and damage caused by climate change. However, the conference did little to limit the occurrence of loss and damage in the first place by containing the extent of climate change. This article discusses the conference's outcomes in the areas of mitigation and adaptation, loss and damage, the Global Stocktake, cooperation under Article 6 of the Paris Agreement, climate finance, and gender-responsiveness. While modest progress can be observed, it is too slow to actually achieve the objectives of the Paris Agreement. This pace is leading many, not least the most vulnerable countries, to search for parallel arenas of cooperation.