South Africa’s Nedbank Unveils Plan to End Fossil Fuel Financing

The lender has adopted a new energy policy, setting targets to reduce financing of fossil fuels and channel more funding to cleaner energy options, according to a statement on Thursday.

• Nedbank will no longer fund new thermal coal mines as of January 2025 and new oil production a decade later. It has also stopped financing new oil and gas exploration projects with immediate effect
  • “While Nedbank does see a potential role for natural gas in facilitating the transition to a zero-carbon energy system, it aims to have withdrawn fully from fossil fuel extraction activities by 2045,” it says
• Nedbank will ...