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Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
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NedbankSouth Africa
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Created before Nov 2016
Last update: 2022-04-05 12:52:53

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Nedbank head offices in Sandton Johannesburg. Photo: Paul Saad via Flickr (BY-NC-ND 2.0)

About Nedbank

Nedbank Group Limited (‘Nedbank Group’) is a bank holding company which is one of the four largest banking groups in South Africa, with Nedbank Limited as its principal banking subsidiary. The bank was originally founded in 1888 in Amsterdam as the Nederlandsche Bank en Credietvereeniging ('Dutch Bank and Credit Union'). The bank expanded to South Africa in 1951 as the Netherlands Bank of South Africa Limited. The bank offers wholesale and retail banking services as well as insurance, asset management and wealth management.

Website http://www.nedbankgroup.co.za/
Headquarters
135 Rivonia Road
Gauteng 2196 Sandton
South Africa
CEO/chair Mr. Michael William Thomas Brown
CEO
Supervisor
South African Reserve Bank
Annual report Annual report 2020
Ownership
listed on JSE Limited

Nedbank's complete shareholder structure can be accessed here.

Complaints and grievances

Nedbank operates a ‘Talk to the ethics office’, which is available as a mechanism for any external parties to report any human rights concerns. Emails can be sent to TalkToTheEthicsO@nedbank.co.za.

Related Dodgy Deals

Nedbank has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.

Dodgy Deals map

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On record profiles

Policy Assessments

Tracking the Equator Principles

EPFIs reporting status

BankLast update
Country
Reporting period
PF deals under EP
Project names reported
% Project names reported
Details
Nedbank Group
2022-08-23
ZAF
2021
1
0
0
1.000000001E+36
0
South Africa
Profile
Reporting period
2021
PF deals under EP
1
Project names reported
0
% Project names reported
0
20220823
Last update: 2022-08-23
Explanation

EP reporting page: https://equator-principles.com/reporting-nedbank-limited-2019/

Explanation

Project name reporting status of Equator Principles signatories for each financial institutions' most recent reporting period. Where there is no percentage presented the EPFI has not reported having financed any project transactions in that reporting period. 

For more details see this page.

Banks and Human Rights

Human Rights Benchmark Africa 2021

BankLast update
Country
Score
Ranking
Details
Nedbank
ZAF
4.5
Follower

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0
South Africa
Score
Follower
4.5
Explanation

Nedbank's human rights policies, processes and reporting were assessed as part of the Human Rights Benchmark Africa 2021. The bank is assessed as a Follower, with a total score of 4.5 out of 14.

Policy: 1/3
Due dilligence: 1/5
Reporting: 1/3
Remedy: 1.5/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3.5 points
4 - 5.5 points
6 - 8.5 points
9 - 14 points
For more details see this page.

News

| |
Type:
Year:
blog
external news
our news

South African banks opt out of EACOP financing

Four of South Africa’s five major banks have said they will not support the East African Crude Oil Pipeline (EACOP), in Uganda and Tanzania.
2022-02-08 | Energy Source
blog
external news
our news

Fifteen banks now steering clear of East African oil project, says Just Share

2022-02-08 | Mining Weekly
blog
external news
our news

Standard Bank isolated as other South African banks steer clear of Total’s EACOP oil pipeline

ABSA, FirstRand, Nedbank and Investec all confirm they will not finance EACOP
2022-02-08 | Africa | BankTrack, #StopEACOP, Just Share
blog
external news
our news

Meet the banks funding the owners of the Cambo oil field

New research shines a spotlight on the banks backing Shell and Siccar Point Energy
2021-10-29 | #StopCambo
blog
external news
our news

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

BankTrack research sheds new light on finance for fossil fuels by Equator banks
2021-10-26 | BankTrack
blog
external news
our news

Some SA banks committed to fossil fuel disinvestment — others aim to keep coal and oil financing furnaces burning

2021-10-04 | Daily Maverick
blog
external news
our news

Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming

Civil society organizations urge banks to adopt stringent “No Go” policy for biodiversity rich areas
2021-05-26 | Nijmegen | BankTrack
blog
external news
our news

Nedbank targets zero fossil fuel exposure by 2045

2021-04-22 | Just Share
blog
external news
our news

African banks responsive on human rights but most lack basic policies, finds new benchmark

Nigeria’s Zenith leads after publishing previously unavailable policies; state-owned National Bank of Egypt comes in last place with no points
2021-03-29 | BankTrack
blog
external news
our news

New BankTrack Equator Principles reporting tracking tool launched

2020-09-21 | BankTrack
blog
external news
our news

Equator Principles requirements missing for most projects, finds new BankTrack study

Research into 37 projects financed 'under Equator' finds project-level grievance mechanisms or stakeholder engagement processes cannot be evidenced in 65% of cases
2020-08-11 | BankTrack
blog
external news
our news

Nedbank tables climate risk resolutions for May 22 shareholder meeting

2020-05-12 | Engineering News
blog
external news
our news

Covid-19 showing importance of early action in tackling global threats, says NPO

2020-04-08 | Engineeringnews.co.za
blog
external news
our news

Is your cash fuelling the climate crisis?

2019-11-25 | Mail & Guardian Online
blog
external news
our news

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
blog
external news
our news

FirstRand joins exodus of banks funding new coal-fired power plants

2019-02-03 | Daily Maverick
blog
external news
our news

Nedbank withdraws funding for new coal IPPs

2019-01-29 | EE Publishers
blog
external news
our news

Gunvor joins other commodity players with sustainability-linked loan led by ING

Participating banks in the Gunvor facility include ABN Amro, CA Indosuez, Credit Suisse, DBS Bank, KfW Ipex-Bank, Mizuho, MUFG Bank, Nedbank, Rabobank, Raiffeisen, Société Générale, Sumitomo Mitsui Trust Bank and UniCredit.
2018-10-17 | Global Trade Review
blog
external news
our news

What Banking Officials Told South African Corruption Inquiry

2018-09-18 | Bloomberg
blog
external news
our news

Nedbank is moving on coal power, but two plants are stuck on its radar

The South African bank is the first from the Global South to move out of new coal plants, but is still backing Thabametsi and Khanyisa
2018-04-10 | Robyn Hugo - Centre for Environmental Rights, Yann Louvel – BankTrack
blog
external news
our news

Battle against the climate-destroying coal IPPs escalates

2018-04-03 | Centre for Environmental Rights
blog
external news
our news

Fake green hues in big banks’ environment-friendly boasts

2018-03-22 | BusinessDay
blog
external news
our news

How green is our Nedbank?

2014-12-07 | News24.com
blog
external news
our news

Equator Principles goes beyond project finance, improves transparency

2012-08-13 | Environmental Finance
blog
external news
our news

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

2011-10-25 | Washington | prizmablog.com
blog
external news
our news

Time to Improve the Equator Principles, BankTrack Says

2011-10-24 | Washington | Social Funds
blog
external news
our news

BankTrack to Equator Principles banks; ‘get the Outside Job done’

Equator Principles update must lead to new Principles focused on people and planet
2011-10-23 | Washington | BankTrack
blog
external news
our news

Financiers search for sustainable future

2011-10-20 | Washington | Environmental Finance
blog
external news
our news

Nedbank in African carbon neutrality first

2010-07-29 | SouthAfrica.info
blog
external news
our news

New rules for Equator Principles, but no new commitments from banks

New governance rules represent missed chance for Equator Principles to take bold steps forward on transparency and accountability
2010-07-01 | Nijmegen, the Netherlands | BankTrack
blog
external news
our news

BankTrack calls upon banks to Close the Gap on investment policies

New report evaluates quality of investment policies of 49 banks; more policies in place, overall quality below what is required
2010-04-27 | Nijmegen, the Netherlands | BankTrack
blog
external news
our news

Civil society groups call for bold steps forward with Equator Principles

Major reforms needed on transparency, accountability, implementation and climate change
2010-01-14 | Nijmegen | BankTrack
blog
external news
our news

Mind the Gap: BankTrack rates credit policies of 45 banks

New report shows continuing gap between policies and practice
2007-12-19 | Utrecht | BankTrack

Documents

Type:
Year:
csr policies
2021-04-22 00:00:00

Energy policy

2021-04-22 00:00:00 | Nedbank
csr policies
2021-04-22 00:00:00

Climate change position statement

2021-04-22 00:00:00 | Nedbank
annual reports
2021-03-26 00:00:00

Annual report 2020

2021-03-26 00:00:00 | Nedbank
correspondence
2020-10-13 00:00:00

Letter from CRAAD-OI, WOMIN, IDI, BankTrack to ten FIs on Base Toliara project

2020-10-13 00:00:00 | CRAAD-OI, WOMIN, IDI, BankTrack
csr policies
2020-05-18 00:00:00

Financial policy on thermal coal related activities

2020-05-18 00:00:00 | Nedbank
annual reports
2020-04-16 00:00:00

Annual report 2019

2020-04-16 00:00:00 | Nedbank
csr policies
2020-04-16 00:00:00

Managing social and environmental risk

Date listed represents date as accessed on website
2020-04-16 00:00:00 | Nedbank
ngo documents
2020-03-12 00:00:00

Open Letter to Sappi CEO

2020-03-12 00:00:00 | GeaSphere
csr policies
2019-05-30 00:00:00

Code of ethics & conduct policy

2019-05-30 00:00:00 | Nedbank
csr policies
2019-05-01 00:00:00

Human Rights Statement

2019-05-01 00:00:00 | Nedbank
annual reports
2019-04-30 00:00:00

Annual integrated report 2018

2019-04-30 00:00:00 | Nedbank
bank documents
2019-04-30 00:00:00

Sustainable development review 2018

2019-04-30 00:00:00 | Nedbank
csr policies
2019-03-19 00:00:00

Sustainable development framework

2019-03-19 00:00:00 | Nedbank
csr policies
2019-01-01 00:00:00

Approach to fraud & corruption activities

2019-01-01 00:00:00 | Nedbank
csr policies
2019-01-01 00:00:00

Approach to social sustainability

2019-01-01 00:00:00 | Nedbank
csr policies
2018-06-08 00:00:00

Responsible investment guidelines

2018-06-08 00:00:00 | Nedbank
annual reports
2018-04-10 00:00:00

Integrated Report 2017

2018-04-10 00:00:00 | Nedbank
annual reports
2018-04-10 00:00:00

Sustainable Development Review 2017

2018-04-10 00:00:00 | Nedbank
annual reports
2017-06-01 00:00:00

Consolidated financial statements 2016

2017-06-01 00:00:00 | Nedbank Group
bank documents
2017-04-30 00:00:00

Sustainability review 2016

2017-04-30 00:00:00 | Nedbank
annual reports
2016-08-30 00:00:00

Supplementary report; 2015 Global Reporting Initiative G4

2016-08-30 00:00:00 | Nedbank Group Ltd.
annual reports
2016-03-01 00:00:00

Consolidated financial statements 2015

2016-03-01 00:00:00 | Nedbank Group Ltd.
bank documents
2016-03-01 00:00:00

Transformation report 2015

Black economic Empowerment
2016-03-01 00:00:00 | Nedbank
annual reports
2015-04-09 00:00:00

Supplementary sustainability review 2014

2015-04-09 00:00:00 | Nedbank Group Ltd.
annual reports
2015-04-09 00:00:00

Integrated Report 2014

2015-04-09 00:00:00 | Nedbank Group Ltd.
bank documents
2015-04-09 00:00:00

Fair Share 2030

2015-04-09 00:00:00 | Nedbank
bank documents
2015-02-16 00:00:00

The Makira project

A REDD project in Madagascar
2015-02-16 00:00:00 | Nedbank
bank documents
2013-12-31 00:00:00

Carbon Footprint Guide

2013-12-31 00:00:00 | Nedbank
annual reports
2013-03-09 00:00:00

2012 Integrated Report

for the year ended 31 December 2012
2013-03-09 00:00:00 | Nedbank
annual reports
2012-06-21 00:00:00

Annual Report 2011

2012-06-21 00:00:00 | Nedbank
annual reports
2011-04-21 00:00:00

Annual report 2010

2011-04-21 00:00:00 | Nedbank
correspondence
2010-12-18 00:00:00

Letter from BankTrack to EPFIs on issues around Equator Principles Review process

2010-12-18 00:00:00 | Banktrack
our publications
2010-04-27 00:00:00

Close the Gap

Benchmarking investment policies of international banks
2010-04-27 00:00:00 | BankTrack
bank documents
2007-06-13 00:00:00

Access to information statement

2007-06-13 00:00:00 | Nedbank Group
bank documents
2007-05-31 00:00:00

Carbon disclosure Project: response CDP 5

2007-05-31 00:00:00 | Nedbank Group

Links

Nedbank sustainability webpage

https://www.nedbank.co.za/content/nedbank/desktop/gt/en/aboutus/green-and-caring/sustainability/sustainability-approach.html

Policies

Voluntary standards

Nedbank has committed itself to the following voluntary standards:
  • Carbon Disclosure Project
  • Equator Principles
  • Global Reporting Initiative
  • Natural Capital Declaration
  • Principles for Responsible Investment (PRI)
  • UNEP Finance Initiative
  • United Nations Global Compact
  • Universal Declaration of Human Rights

Investment policies

Nedbank's webpage on corporate social responsibility can be accessed here.

Year:
csr policies
2021-04-22 00:00:00

Energy policy

2021-04-22 00:00:00 | Nedbank
csr policies
2021-04-22 00:00:00

Climate change position statement

2021-04-22 00:00:00 | Nedbank
csr policies
2020-05-18 00:00:00

Financial policy on thermal coal related activities

2020-05-18 00:00:00 | Nedbank
csr policies
2020-04-16 00:00:00

Managing social and environmental risk

Date listed represents date as accessed on website
2020-04-16 00:00:00 | Nedbank
csr policies
2019-05-30 00:00:00

Code of ethics & conduct policy

2019-05-30 00:00:00 | Nedbank
csr policies
2019-05-01 00:00:00

Human Rights Statement

2019-05-01 00:00:00 | Nedbank
csr policies
2019-03-19 00:00:00

Sustainable development framework

2019-03-19 00:00:00 | Nedbank
csr policies
2019-01-01 00:00:00

Approach to fraud & corruption activities

2019-01-01 00:00:00 | Nedbank
csr policies
2019-01-01 00:00:00

Approach to social sustainability

2019-01-01 00:00:00 | Nedbank
csr policies
2018-06-08 00:00:00

Responsible investment guidelines

2018-06-08 00:00:00 | Nedbank

Equator Principles

Implementation and reporting

Nedbank is reporting on the implementation here.

Contact and complaints

Equator Principles Dodgy Deals

Projects

active

Mozambique LNG Mozambique

LNG Terminal | Oil and Gas Extraction | Pipeline Transportation of Natural Gas
on record

Thabametsi coal power plant South Africa

Coal Electric Power Generation

Good moves

Year:

2022

Standard Bank isolated as other South African banks steer clear of Total’s EACOP oil pipeline

On Tuesday 1st February, after years of delay, France’s Total and China’s CNOOC Ltd signed the Final Investment Decision (FID) to proceed with the East African Crude Oil Pipeline (EACOP) project. While heralded by the project proponents as a major breakthrough, the project is yet to secure all of the required…

2021

Nedbank targets zero fossil fuel exposure by 2045

Nedbank has today released its Energy Policy and its updated Climate Change Position Statement. The Energy Policy is by far the most ambitious fossil fuel financing policy of any South African bank, and also appears to set a global leadership standard among large commercial banks, by avoiding the adoption…
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