Nedbank offers climate resolutions in first for South Africa

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Nedbank has become the first South African company to table its own climate-related resolutions, said shareholder activist group Just Share.

At an annual general meeting on May 22 shareholders of the bank will vote on adopting a sustainable energy policy and on disclosing fossil-fuel linked lending, including to oil and gas projects.

The lender is asking investors whether to "adopt and publicly disclose an energy policy," which over time will ensure that financial flows are "consistent with low-emission and climate-resilient development," according to the resolution proposed in its annual report.

South African banks have come under increasing pressure in recent years to limit their lending to fossil fuel projects and disclose their climate risk. While Standard Bank 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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