Nedbank 'will no longer fund' coal projects
The bank’s decision to end funding of coal projects follows a lobbying campaign by Life After Coal
Nedbank stands out as the only South African bank that has taken an unequivocal policy decision to stop funding "dirty energy" amid mounting concern about climate change and environmental damage. The bank confirmed last week that it would no longer fund the two proposed coal-fired energy plants — Thabametsi and Khanyisa — to be built by independent power producers (IPPs). "Nedbank is committed to a clean-energy future and as such will no longer provide project financing or other forms of asset-specific financing where the proceeds will be used to develop a new coal-fired power plant, regardless of country or technology. "This commitment includes round one of SA’s coal baseload procurement programme," said a Nedbank spokesperson. Nedbank was the lead arranger on the Thabametsi project. The two projects are the first coal power stations that are to be built by the private sector. Thabametsi, which is located in Limpopo, is being developed by Japan’s Marubeni Corporation along with bla...