An ambitious new energy policy will see Nedbank lead the way in an orderly exit from fossil fuels as the lender seeks to eliminate direct exposure to coal, oil and gas by 2045.

In adopting the new energy policy, the bank has committed to not provide funding for new thermal coal mines, regardless of jurisdiction, from January 1 2025. It will not directly finance new oil and gas exploration projects with immediate effect. In addition, it said it would not advance new finance for oil production from January 1 2035...

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