Zero Fossil-Fuel Lending Ahead in Nedbank’s $3.5 Billion Plan
- S. African bank to cut exposure to fossil-fuel lending by 2045
- Nedbank’s new policy puts it ahead of rivals, Just Share says
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Nedbank Group Ltd. has committed 50 billion rand ($3.5 billion) to renewable energy projects as the South African lender forges ahead with plans to retreat from fossil-fuel financing.
The nation’s fifth-largest lender by value has already approved over 37 billion rand for clean-energy developments. It also secured deals in South Africa’s latest bidding round for participation in renewable projects to extend a further 12 billion rand, Nedbank Chief Financial Officer Mike Davis said in an interview on Thursday.