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Viewing cable 08PRETORIA1483, NEDBANK - SOUTH AFRICA'S GREENEST BANK

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Reference ID Created Released Classification Origin
08PRETORIA1483 2008-07-09 13:08 2011-08-24 01:00 UNCLASSIFIED Embassy Pretoria
VZCZCXRO2821
RR RUEHBZ RUEHDU RUEHJO RUEHMR RUEHRN
DE RUEHSA #1483/01 1911308
ZNR UUUUU ZZH
R 091308Z JUL 08
FM AMEMBASSY PRETORIA
TO RUEHC/SECSTATE WASHDC 5009
RUCNSAD/SOUTHERN AF DEVELOPMENT COMMUNITY COLLECTIVE
INFO RUEHTN/AMCONSUL CAPE TOWN 5787
RUEHDU/AMCONSUL DURBAN 9974
RUEHJO/AMCONSUL JOHANNESBURG 8189
UNCLAS SECTION 01 OF 02 PRETORIA 001483 
 
DEPT FOR OES/PCI, OES/ENV, AND AF/S 
DEPT PASS EPA/OIA, 
 
SIPDIS 
 
E.O. 12958:  N/A 
TAGS: SENV SOCI ETRD SF
SUBJECT: NEDBANK - SOUTH AFRICA'S GREENEST BANK 
 
PRETORIA 00001483  001.2 OF 002 
 
 
 
1.  Summary.  Environment, Science and Technology FSN met in 
mid-June with Nedbank Group Executive Chief of Governance and 
Compliance Advocate Selby Baqwa and Senior Manager Briggete Burnett 
in June 2008 to discuss Nedbank's environmental and sustainability 
programs.  The officials advised that Nedbank is the first and only 
bank in Africa to subscribe to the Equatorial Principle.  The bank 
has partnered with World Wide Fund for Nature/South Africa (WWF-SA) 
and the World Bank (WB) to found the Green Trust (GT) to protect and 
conserve the environment.  Nedbank holds awareness campaigns, 
sponsors training programs and has established Nedbank Affinity 
Accounts, which contribute funds to environmental and sustainability 
projects.  Nedbank has conducted a carbon audit and published the 
results with the Carbon Disclosure Project.  Foreign-based branches 
also participate in Nedbank's "green activities."  End Summary 
 
 
2.  Environment, Science and Technology FSN met in mid-June with 
Nedbank Group Executive Chief of Governance and Compliance Advocate 
Selby Baqwa and Senior Manager Ms. Briggete Burnett in June 2008 to 
discuss Nedbank's environmental and sustainability programs. 
Burnett said sustainable banking was an integral part of Nedbank's 
business.  Baqwa noted that Nedbank is involved in numerous "green" 
programs and has projects involving staff, clients, government, NGOs 
and other business partners. 
 
--------------------------------------------- -- 
Nedbank - Signatory to the Equatorial Principle 
--------------------------------------------- -- 
 
 
3.  Nedbank is the only bank on the African continent that has 
adopted the Equator Principle (EP).  The EP was negotiated in 
October 2002 by a small number of banks working with the World 
Bank's International Finance Corporation.  The EP acts as a banking 
industry framework for addressing environmental and social risks in 
project financing.  The EP was formally launched in June 2003 and 
forty financial institutions adopted it over the three-year 
implementation period.  A revised EP was released in July 2006 with 
final adoption and implementation in January 2007.  A financial 
institution adopts the EP by submitting an adoption form, announcing 
adoption in a press release, and reporting publicly all EP 
implementation. 
 
4.  Baqwa noted that Nedbank had been conducting environmental, 
social, political and reputation assessments before financing a 
project even before adopting the EP.  Nedbank has financed fourteen 
EP projects since adoption.  Burnett advised that Nedbank was the 
first African bank to join and co-chair the UNEP Financial 
Initiatives (UNEPFI) African Task Force (ATF), the sustainable and 
environmental responsibility project established to address African 
climate change challenges. 
 
------------------------------------- 
Staff Involvement in Green Activities 
------------------------------------- 
 
5.  Baqwa and Burnett both noted that one of Nedbank's key goals is 
to ensure effective staff engagement in environmental and 
sustainability activities, including developing an environmental 
management system for all branches.  Nedbank developed a 
sustainability target list and completed procurement training 
incorporating environmental guidelines in 2007.  Baqwa noted that 
the bank wants to increase its involvement in events such as World 
Environment Day in June, and Deep Green Day in September. 
 
--------------------------------------------- -- 
Q-------------------------------------------- --- 
Greening with the Customers - Affinity Accounts 
--------------------------------------------- -- 
 
 
6.  Burnett advised that Nedbank founded the Green Trust (GT) in 
1990 in partnership with the WWF-SA and the WB.  She said the GT's 
main activities include rehabilitating the environment and 
protecting bio-diversity, ecology and endangered species.  Other 
projects involve community-based education and conservation of 
forest and water resources.  In total, GT supports over 150 major 
conservation and socio-economic projects. 
 
7.  Baqwa said Nedbank created Green Affinity accounts, 
environmentally-focused bank accounts that donate money to GT 
projects based on clients' financial activities.  Bank clients do 
not pay any extra premium other than the normal services fees. 
Nedbank makes an initial R2.50 ($0.30) donation for every Green 
Affinity savings account opened.  A percentage of charges made using 
Nedbank Green Affinity credit cards is donated monthly to the GT 
fund at no cost to customers.  Nedbank has donated over R100 million 
 
PRETORIA 00001483  002.2 OF 002 
 
 
($12.5 million) to GT through its Affinity accounts. 
 
 
---------------------- 
Carbon Footprint Audit 
---------------------- 
 
8.  Baqwa said Nedbank conducted carbon and energy audits in 2007, 
which resulted in the bank's first compilation of its carbon 
footprint.  The Nedbank 2007 Sustainability and Transformation 
Report revealed that Nedbank produced direct carbon dioxide 
emissions of 572.41 metric tons (mt) in 2007, up from 417.05 mt in 
2006.  Emissions came from office air-conditioning systems, 
refrigeration gas refills and the bank's vehicles.  Indirect carbon 
emissions from purchased electricity were 95,929,16 mt in 2007, up 
from 87,157,05 mt in 2006, while other indirect sources accounted 
for 26,695,76 mt.  Collectively, Nedbank's carbon emissions peaked 
at 124,593,910 mt in 2007.  Burnett noted that the bank had a 
climate change position statement, and was planning to set targets 
for future reductions.  She added that an environmental committee 
met regularly to monitor the progress of the climate change program. 
 
 
------------------------- 
Energy Efficiency Efforts 
------------------------- 
 
10.  Nedbank Group oversees an energy efficiency program, which 
involves retrofitting outlets to accept energy-efficient lights, 
lowering water heater temperatures (55F degrees), and replacing 
electricity with clean gas energy.  Nedbank participated in the 
Carbon Disclosure Project, which encourages industries to disclose 
emissions and plans for addressing climate change issues.  Nedbank 
established the Capital Greening Award in 2006 to acknowledge 
responsible mining and mineral extraction.  Nedbank also set up a 
carbon finance team which assists projects in obtaining Clean 
Development Mechanism (CDM) financing. 
 
----------------------------------------- 
Nedbank Efforts Reach beyond South Africa 
----------------------------------------- 
 
11.  Nedbank has over 40 branches in Lesotho, Malawi, Namibia, 
Swaziland and Zimbabwe, all of which have environmental 
sustainability programs.  Nedbank has a branch in London, and has 
recently established one in Canada. 
 
--------------------------------------------- ---------- 
Comment:  Nedbank - a potential partner for U.S. firms 
--------------------------------------------- ---------- 
 
12.  Nedbank stands as an example of what the South African 
financial sector could do in the environmental sector.  Nedbank 
officials say the bank is eager to invest in more environment and 
sustainability projects.  Nedbank could be a useful partner for USG 
agencies or private companies seeking investments or financing for 
climate change mitigation or adaptation activities. 
Bost