Banking Climate Energy Gas Oil South Africa Sustainability

Nedbank passes climate resolutions in South African first

Nedbank Group Ltd. has become the first South African company to have climate-related resolutions it tabled itself passed by its shareholders.

Shareholders on Friday voted on adopting a sustainable energy policy and on disclosing fossil-fuel linked lending, including to oil and gas projects.

South African banks, the biggest on the continent, have come under increasing pressure in recent years to limit their lending to fossil fuel projects and disclose their climate risk. While Standard Bank Group Ltd. in April refused to table a resolution on lending to oil and gas projects, it said a month earlier it would limit lending for coal mines and power plants.

Source: Bloomberg

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