{"id":11045,"date":"2021-04-24T15:56:30","date_gmt":"2021-04-24T13:56:30","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=11045"},"modified":"2023-02-14T17:58:07","modified_gmt":"2023-02-14T16:58:07","slug":"nedbank_becomes_the_first_bank_to_commit_to_a_total_fossil_fuel_phase_out_by_2045","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/04\/24\/nedbank_becomes_the_first_bank_to_commit_to_a_total_fossil_fuel_phase_out_by_2045\/","title":{"rendered":"Nedbank becomes the first bank to commit to a total fossil fuel phase out by 2045"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"color: #e5e3e3;\" align=\"justify\"><b><span style=\"color: #8ac56b;\"><span style=\"color: #8ac56b;\">Nedb<\/span><span style=\"color: #8ac56b;\"><span style=\"color: rgb(138, 197, 107);\">ank is the fourth largest bank in South Africa with <\/span><a href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/2020%20Nedbank%20Group%20TCFD%20Report%20(single-page)(1).pdf\"><u><span style=\"color: rgb(138, 197, 107);\">a fifth of market share<\/span><\/u><\/a><span style=\"color: rgb(138, 197, 107);\"> and $84 billion in assets<\/span><\/span><\/span><u><span style=\"color: #8ac56b;\"><\/span><span style=\"color: #8ac56b;\"><\/span><span style=\"color: #8ac56b;\"><\/span><\/u><span style=\"color: #8ac56b;\"><span style=\"color: rgb(138, 197, 107);\">. It has just <\/span><a href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/Nedbank%20Climate%20Change%20Position%20Statement%202021.pdf\"><u><span style=\"color: rgb(138, 197, 107);\">announced<\/span><\/u><\/a><span style=\"color: rgb(138, 197, 107);\"> <\/span><\/span><span style=\"color: #8ac56b;\">in April 2021 at its AGM <\/span><u><a style=\"color: #8ac56b;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/Nedbank%20Group%20Energy%20Policy.pdf\">a new energy policy<\/a><span style=\"color: #8ac56b;\">,<\/span><\/u><span style=\"color: #8ac56b;\"> in which it improves its past fossil fuel exclusion commitments. <\/span><\/b><\/p>\n<p style=\"color: #8ac56b;\" align=\"justify\"><b><span style=\"color: #8ac56b;\"><span style=\"color: #8ac56b;\">By setting 2045 as an end date to stop almost all fossil fuel financing, it sets a positive precedent not only in South Africa but globally. However, the updated policy lac<\/span><\/span><span style=\"color: #8ac56b;\">ks intermediate exclusion steps and does not end support to fossil fuel expansion in general, and coal in particular. Consequently, this announcement remains, overall, insufficient. <\/span><\/b><\/p>\n<p align=\"justify\"><b style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #59bc6d;\"><span style=\"color: #59bc6d;\">1. <\/span><\/span><span style=\"color: #e5e3e3;\"><strong><span style=\"color: #59bc6d;\"><span style=\"color: #59bc6d;\">What&rsquo;s new<\/span><\/span><\/strong><\/span><\/b><\/p>\n<p align=\"justify\">Regarding coal project financing, Nedbank had already committed to stop financing all new coal power plants and coal mines outside South Africa. It has now committed to stop such project financing in South Africa by 2025.<\/p>\n<p align=\"justify\">On oil and gas, Nedbank has announced the following measures:<\/p>\n<ul>\n<li>The immediate end of project financing for new oil and gas exploration worldwide;<\/li>\n<li>The immediate end of project financing for \u201cnew utility-scale or embedded oil-fired power\u201d units, unless it is part of a backup supply to renewable generation projects;<\/li>\n<li>From 2035 onwards, the end of \u201cany new financing for oil production, regardless of jurisdiction\u201d.<\/li>\n<\/ul>\n<p align=\"justify\">Nedbank finally announced it will reach \u201czero fossil fuel exposure\u201d by 2045, with an exception: it will continue up to 2050 to finance \u201cnatural gas production where it will play an essential role in facilitating the transition\u201d.<\/p>\n<p align=\"justify\"><strong><span style=\"color: #59bc6d;\">2. <\/span><span class=\"TextRun SCXW224577788 BCX0\" xml:lang=\"FR-FR\" data-contrast=\"auto\" lang=\"FR-FR\"><span class=\"NormalTextRun SCXW224577788 BCX0\" style=\"color: #59bc6d;\"><span class=\"TextRun MacChromeBold SCXW242744655 BCX0\" xml:lang=\"EN-GB\" data-contrast=\"auto\" lang=\"EN-GB\"><span class=\"NormalTextRun SCXW242744655 BCX0\"><span style=\"color: #59bc6d;\">Our analysis: a great end-goal but no steps in between<\/span><span class=\"TextRun SCXW197782314 BCX0\" xml:lang=\"EN-GB\" data-contrast=\"auto\" lang=\"EN-GB\"><span class=\"NormalTextRun SCXW197782314 BCX0\"><br \/>\n<\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p align=\"justify\"><b>The most impressive step forward is the announcement of a total phase-out by 2045 of all fossil fuels. This is a first worldwide<\/b> and must be commended as such as it is setting an ambitious precedent to follow for other financial institutions in the North and the Global South. Such commitment seems to encompass both project and general corporate financing for all coal mining, oil &amp; gas exploration &amp; production, and all power generation from fossil fuels.<\/p>\n<p align=\"justify\"><b><u>On coal: <\/u><\/b><\/p>\n<p align=\"justify\">Overall, and beyond this 2045 commitment, <b>we can hardly praise Nedbank\u2019s updated coal policy.<\/b><\/p>\n<p align=\"justify\"><b>The only new commitment regarding project financing is to stop the financing of new coal mines in South Africa by 2025<\/b>. However coal infrastructure projects are still not covered.<\/p>\n<p align=\"justify\">The main gap in the policy is the lack of any immediate exclusion at the corporate level, for the general financing of coal companies, which is problematic since <b>Nedbank is no small player in the coal mining sector<\/b> with <a href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/2020%20Nedbank%20Group%20TCFD%20Report%20(single-page)(1).pdf\"><u>$400 million exposure (ZAR5.7 bn)<\/u><\/a>. Instead of committing to a maximum 1% exposure to coal, whereas it was already at <u><a href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/2020%20Nedbank%20Group%20TCFD%20Report%20(single-page)(1).pdf\" target=\"_blank\" rel=\"noopener noreferrer\">0.7% in 2019<\/a><\/u>, <b>Nedbank should start by immediately excluding all coal developers and by setting maximum coal exposition thresholds<\/b> for companies (absolute and relative), and lower these thresholds over time.<\/p>\n<p align=\"justify\"><b><u>On oil &amp; gas: <\/u><\/b><\/p>\n<p align=\"justify\"><b>The promise to reach zero exposure on all fossil fuels by 2045 (minus some exception on gas), is unprecedented in South Africa and globally for a commercial bank<\/b>. It sets the right ambition for other banks to follow.<\/p>\n<p align=\"justify\">However, once again, <b>the intermediate steps remain insufficient<\/b>, delayed or simply missing, and its exposure to the sector is high: $1.1 billion in the oil sector, $320 million in gas and $810 million in fossil-based power production (respectively <a href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/2020%20Nedbank%20Group%20TCFD%20Report%20(single-page)(1).pdf\"><u>ZAR15.9 bn, ZAR4.6 bn and ZAR11.5 bn<\/u><\/a>).<\/p>\n<p align=\"justify\"><b>If we can praise the end of oil &amp; gas exploration direct financing, this does not mean that Nedbank will stop general corporate financing for oil &amp; gas developers <\/b>planning such exploration drills.<b> Neither does it covers the production, midstream and downstream sector for the oil &amp; gas sector. In fact the only existing exclusion criteria on this side will apply very late<\/b>. In this regard, waiting until 2035 to stop financing new oil production projects and setting no date for such commitment on gas remains insufficient considering the lifespan of such projects.<\/p>\n<p style=\"text-align: center;\"><span data-contrast=\"auto\"><b>Nedbank\u2019s Scores in the Coal Policy Tool <\/b><\/span><\/p>\n<div><\/div>\n<\/div><div class=\"fusion-image-element fusion-image-align-center in-legacy-container\" style=\"text-align:center;--awb-max-width:800px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><div class=\"imageframe-align-center\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><a class=\"fusion-no-lightbox\" href=\"http:\/\/coalpolicytool.org\" target=\"_blank\" aria-label=\"Template CPT analyse politique &#8211; Nedbank Eng\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"900\" height=\"400\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/04\/Template-CPT-analyse-politique-Nedbank-Eng.png\" alt class=\"img-responsive wp-image-11058\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/04\/Template-CPT-analyse-politique-Nedbank-Eng-200x89.png 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/04\/Template-CPT-analyse-politique-Nedbank-Eng-400x178.png 400w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/04\/Template-CPT-analyse-politique-Nedbank-Eng-600x267.png 600w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/04\/Template-CPT-analyse-politique-Nedbank-Eng-800x356.png 800w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/04\/Template-CPT-analyse-politique-Nedbank-Eng.png 900w\" sizes=\"(max-width: 800px) 100vw, 900px\" \/><\/a><\/span><\/div><\/div><div class=\"fusion-text fusion-text-2\"><p style=\"text-align: center;\"><i>This table presents the coal scores of Nedbank based on five criteria of the Coal Policy Tool <\/i><\/p>\n<\/div><div class=\"fusion-text fusion-text-3\"><p style=\"text-align: justify;\"><strong><span style=\"color: #59bc6d;\">3. <\/span><span style=\"color: #59bc6d;\">Our <\/span><span style=\"color: #59bc6d;\">c<\/span><span style=\"color: #59bc6d;\">onclusion<\/span> <\/strong><\/p>\n<p align=\"justify\"><b style=\"color: #8ac56b;\">By setting an ambitious 2045 fossil fuel phase-out commitment, Nedbank can be seen as a great exception among its South African peers and appears to be a leading financial institution worldwide. We hope this example will rapidly spread. However, by not setting ambitious intermediary steps to reach such goal, Nedbank is clearly lagging behind international best practices. Long-term commitments must come alongside clear short-term exclusion criteria on coal and are highly needed. <\/b><\/p>\n<p align=\"justify\"><b style=\"color: #e5e3e3;\"><span style=\"color: #8ac56b;\">It is highly regrettable that Nedbank<\/span><span style=\"color: #8ac56b;\">. In a South African context: adopting an ambitious strategy for a progressive fossil fuel phase out would have sent a strong message to Eskom, the South African energy giant, that the market now awaits an orderly and ambitious coal phase-out strategy. <\/span><\/b><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-4\"><div style=\"text-align: justify;\">\n<p><b style=\"color: #59bc6d;\">Find out more:<\/b><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span class=\"TextRun SCXW65652988 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW65652988 BCX0\">Link to Nedbank\u2019s <a href=\"https:\/\/www.nedbank.co.za\/content\/dam\/nedbank\/site-assets\/AboutUs\/Information%20Hub\/Integrated%20Report\/2021\/Nedbank%20Group%20Energy%20Policy.pdf\"><u>new fossil fuel policy<\/u><\/a>;<\/span><\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/coal_policy_tool\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>The Coal Policy Tool.<\/u><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":15317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[439],"acteurs_financiers":[2442],"thematique":[2421,2423,2419],"webinar_type":[],"programme":[],"class_list":["post-11045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-coal-policy-tool-en","acteurs_financiers-banks","thematique-coal","thematique-fossil-fuels","thematique-oil-and-gas-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nedbank becomes the first bank to commit to a total fossil fuel phase out by 2045 - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"Nedbank has updated its fossil fuel phase out policy for the better; 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