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Nedbank first to pass climate resolutions in SA

Shareholders voted on adopting a sustainable energy policy.
Image: Moneyweb

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.

© 2020 Bloomberg L.P.

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This is very sweet and politically correct . But really Nedbank should focus on important issues such as bad debt management, lack of growth in lending, higher cost of funding and a decline in AUM.

Climate change stuff is very pre-covid 19 when survival is paramount and half the country is starving

Sustainable energy? Raait, we all had better learn how to use an abacus. And lanterns. We are going back to the dark ages.

End of comments.

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