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Standard Bank Group
News generic 3
10 June 2022

Africa-China Road to Renewable Future

Standard Bank’s capability in China powers businesses through comprehensive renewable components supply chain in Africa

Standard Bank is opening access to a comprehensive and sustainable supply of renewable energy solutions components to homeowners and enterprises across the African continent through a new Africa-China Trade Solutions (ACTS) Renewable Energy import platform.

In a network of fully vetted, leading international providers from China, business owners and individuals are now able to source, land and finance accredited solar energy components for any scale of renewable power generation and storage.

“Power will remain a persistent challenge on the continent for the foreseeable future, even for South Africa as the most advanced economy,” says Philip Myburgh, Standard Bank Group, Executive Head, Trade and Africa-China, Business and Commercial Clients. “Even more critical than the urgent climate change imperative, the greatest push to renewables on the continent is to plug major energy gaps and deliver the critical electricity needed to drive sustainable economic growth.

“Through this partnership, we are poised to bring significant, consistent and reliable access to the equipment that will support a new independent renewable market, further alleviating the burden on strained state utilities,” he says.

Through its relationship with the world’s largest bank, Industrial and Commercial Bank of China (ICBC), Standard Bank has been able to leverage its capability to connect with the best suppliers in China, that supply across the globe.

Through Standard Bank’s sourcing partner, clients are able to source the right product fit for a variety of applications, from commercial, industrial, residential or project based. Solutions are tailor-made to suit precise requirements, environmental conditions, and power quality requirements, with components sourced from reputable original equipment manufacturers.

Connecting African importers and Chinese exporters, ACTS facilitates all trade requirements, from pre-shipments to post-shipment. In a carefully managed process, suppliers are sourced, prices are negotiated, travel logistics are arranged, and validation of quality of goods is done with the provision of quality guarantees. Any failures are then rectified on behalf of importers by the import partner.

“With China being Africa’s biggest trading partner by far, the ability to foster strong trade routes and economies of scale offers an incredible opportunity to do more than just import goods,” says Luthando Vuba, Standard Bank Group Head of Africa-China Trade, Business and Commercial Clients. “Through this network, our vision is to create lasting opportunities for aspiring contractors, thus developing technical capacity, skills and sustainable economic growth and value creation over the long-term.

“Furthermore, through a strong pipeline of renewable technology and components, we are aligning directly with the UN Sustainable Goals of limiting carbon emissions, fulfilling our own group Environment, Social and Governance (ESG) commitment to achieve net zero across our eco-system of operations,” he adds.