Nedbank Corporate & Investment Confirms as the Official Energy Transition Partner for African Energy Week in Cape Town

The African Energy Chamber (AEC) (www.EnergyChamber.org) is proud to announce that Nedbank Corporate & Investment Banking (CIB) has been confirmed as the official energy transition partner for Africa’s premier energy event, African Energy Week (AEW) 2021 taking place in Cape Town on the 9th-12th of November. Representing one of Africa’s leading financial institutions, Nedbank CIB is committed to promoting financing solutions to drive Africa’s green energy revolution. In Cape Town, Nedbank CIB will offer critical insights into financing Africa’s energy transition, engaging with stakeholders and leading the discussion on domestic capital raising, responsible lending, and growing Africa’s green economy.

A division of financial services group Nedbank, Nedbank CIB serves as a strategic partner for African stakeholders. The institution offers tailored financial solutions to a wide client base, including but not limited to corporations, financial institutions, state owned entities, and governments. Offering the full spectrum of transactional, corporate and investment banking solutions, lending products, advisory services and global market client coverage, Nedbank CIB is focused on ensuring client goals are met.

Nedbank CIB has set a high standard for other financial institutions in Africa. With a commitment to financing and growing the green economy, the institution has taken a proactive role in Africa’s energy transition. Through project launches, funding green initiatives, and supporting Africa’s oil and gas companies in their journey to net zero emissions, Nedbank CIB has emerged as an enabler of the continent’s energy transition.

Regarding renewable energy investments, the Bank has been particularly effective in expanding South Africa’s green economy. Since 2012, Nedbank CIB has provided R31 billion in renewable energy financing adding over 3,500MW of renewable energy to the national grid. What’s more, by partnering with the SOLA Group, the Bank financed an embedded solar PV generation portfolio for AB InBev’s Breweries – the largest beer producer in the word. By focusing investment on renewable energy developments, Nedbank CIB is facilitating an accelerated shift to a clean energy future. At AEW 2021 in Cape Town, the Bank will emphasize the role and opportunities for financing renewable energy in South Africa, advocating for the energy transition and providing solutions to capital raising.

Meanwhile, in addition to renewable investments, Nedbank CIB has introduced an energy policy to guide the transition away from fossil fuels. Under the policy, the Bank will end the financing of new thermal coal mines by January 2025; coal-fired power stations; oil and gas exploration projects from 2035; and oil production. With a commitment to end all fossil fuel funding by 2045, Nedbank has emerged as a pioneer in Africa’s energy transition. Additionally, Nedbank CIB offers carbon financing solutions, whereby the Bank devises strategies to mitigate risks and maximize returns of clients. With a focus to reduce greenhouse gas emissions, Nedbank CIB assists with sustainability, carbon advisory, identification and development of carbon projects, and carbon trading.

“Nedbank is committed to Africa’s green economy. The continent’s significant renewable resources can be used as a catalyst for long-term, sustainable economic growth, and by redirecting investment towards this sector, the Bank is facilitating a much-needed transition to clean energy sources. As the official energy transition partner for AEW 2021, Nedbank will be instrumental in driving the discussion on financing the continent’s energy transition. Africa needs significant levels of capital in order to transition to green energy, and Nedbank is fully committed to creating opportunities for financing across the continent. In Cape Town, African stakeholders will gather together to discuss Africa’s energy future and Nedbank CIB will be a critical partner,” stated Katie Briant, Operations and Events Director for AEW 2021.  

What makes the institution such a valuable facilitator of South Africa’s energy transition is the organization’s commitment to corporate social investment (CSI). Specifically, Nedbank recognizes that “one of the biggest challenges for CSI in the country is the fact that demand for financial support of worthy causes and upliftment projects continues to outweigh supply. Accordingly, by anchoring Nedbank’s CSI efforts in the green economy – based on the recognition that the green economy is much more than just an environmental issue, but rather an enabler of South Africa’s economic growth, social upliftment and inclusion – the institution is focused on increasing access to energy, while spurring innovation, generation and climate change mitigation across the green energy sector.”

At AEW 2021 in Cape Town, Nedbank CIB will offer insight into financing Africa’s energy transition, participating in both energy transition and investor forums and driving the discussion on domestic capital solutions. According to the institution, “by partnering with NGOs like KP Cares who are active within the renewable energy space, the Nedbank Foundation, through its Green Economy Strategy is planning to create 100 jobs that will benefit unemployed youth and 10 small, medium and microenterprises in deep rural parts of the country.” Nedbank CIB will emphasise the role that South Africa’s financial institutions will play, not just in financing the energy transition, but preparing communities to take advantage of emerging opportunities in the fast-growing renewable energy sector.

AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.

Source: APO and African Energy Chamber