Nedbank passes climate resolutions in SA first

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The Nedbank Group 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 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.

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