Not only is Nedbank helping to push renewable energy financing, but it is taking its sustainability commitment a step further by launching Africa’s first 100% “green” bank. The bank uses a solar/wind hybrid power installation that runs separately from the national grid in South Africa, generating more power than it uses. The excess electricity generated is fed into the national grid.
Kestrel Renewable Energy designed and installed the system to help the bank read its annual electricity demand of 70,000 kWh. “This is a remarkable achievement particularly since it ensures that the branch’s operations will now have little to no climate change impacts, thanks to its vastly reduced carbon footprint”, James Carpy , the Technical Director of Kestrel Renewable Energy said.
Ciko Thomas, the Managing Executive of consumer banking, Nedbank Retail, added: “The off-grid hybrid installation offers proof of what can be achieved when organizations have a genuine vision for and commitment to, contributing to a greener future of our country.”
Nedbank also opened a wind-powered branch in the Western Cape in 2011. However, it also works to spread financial mechanisms to help renewable energy grow. Nedbank established a green savings bond program, hoping to raise about $489 million in capital.
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