South African Nedbank will not credit to fossil fuel projects such as oil, coal and natural gas.
South African Nedbank will not lend to fossil fuel projects such as oil, coal and natural gas. South Africa Nedbank became the first South African bank to set climate policy.
The climate policy, which is promising for the future, was accepted at the annual general meeting held on May 22, 2020. Thus, the bank will no longer give credit to fossil fuel related projects, including oil and gas projects.
Barclays, Europe’s largest fossil fuel financer, made a similar decision last month.