Nedbank Group has become one of the first South African companies to offset its electricity-related emissions using Growthpoint Properties renewable energy certificate REC framework developed in partnership with Fuel Switch and Etana Energy.
The agreement enables the group to offset Scope 2 emissions across 26 branches in Growthpoint-owned malls and offices in five provinces. The initiative addresses a challenge for tenants in multi-tenanted buildings where electricity supply is controlled by landlords and typically sourced from coal-based grid power, says Charl de Kock , Nedbanks Executive Head of Group Business Services.
Nedbank achieved a 30 energy reduction target two years ahead of schedule. In 2024, our electricity use stayed below 97 000 MWh and renewable energy reached 10 of total consumption. We have been carbon-neutral since 2010, making us the only major bank with this track record, De Kock says.