Investec’s latest climate- and nature-related disclosure report has exposed a huge calculation error made by the bank in a previous iteration of the report when it severely underestimated the total carbon emissions of its 2021 loan book. 

The dual-listed bank, which reports its financials in pounds, took the bold step in July 2022 to publish the total carbon emissions of all the assets it financed in the year to end-March 2021. However, when it unveiled its latest climate-related disclosures for the year to end-March 2022 — which were published on its website last week — it revealed it was forced to restate the 2021 carbon emission disclosures due to a calculation error. ..

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