Daily CSR
Daily CSR

Daily CSR
Daily news about corporate social responsibility, ethics and sustainability

Nedbank Incorporates Green Energy Consumption As A Part Of Its ‘Core Strategy’


The first ever, green initiation taken by Nedbank in Africa introduces solar billboard besides other such renewable energy oriented activities.

Dailycsr.com – 03 July 2015 – The concept of a bank being green sounds really farfetched and even unheard of to certain extent. However, Lucrezia Zito reports that the responsibilities of various banks towards their society have been highlighted significantly following the crisis witnessed through the “Global Financial and Economic Crisis”.
The financial sectors have lost their ability to convince the costumers to regain trust in them as people fear that the banks will arrive at a decision keeping the “short-term profit maximization” in mind. Moreover, various “risky lending practices” along with “risky derivatives” have weakened strength of the banks’ tangible asset called ‘goodwill’. Therefore, it hardly comes as a surprise when we hear that as per “Edelman Trust Barometer” –
“…the financial service continue to be the least trusted industry globally.”
Nevertheless, the above mentioned picture created by the given background only weaves the story that is known to “all of us”; although a close look at the continent of Africa will reveal quite a different picture. Even in the midst of the present trend of distrust following the financial sector, it seems much more things are going on in the very sector. The example of which is led by the continent of Africa, which harbours within itself – “a huge unexpressed potential”.
Lucrezia Zito informs that she was quite surprised by an article published in the magazine of internazionale, which happens to be her “favourite” one. It is while leafing through the said journal that she came across the article on Nedbank. In fact, she writes that:
“Few weeks ago I was leafing through my favourite magazine, Internazionale, when I found an article about a South Africa’s bank called Nedbank.”
Her attention was caught by a picture of a billboard, wherein the words written read something like this:
“Only one bank can truly call itself the Green Bank”.
The said line worked as a perfect tag line to get Zito, perusing further into it. As she started “reading the article”, she discovered that the billboard was an example – “first” of its kind. It was being powered by the solar energy. Moreover, it was supplying the energy to meet the electricity requirements of “a local school”.
Zito, no doubt, found it to be “a brilliant idea”; although she was in just doubtful as to the advertisement was meant for sheer marketing strategy or not. In an attempt to know the fact, she found out that the said bank, namely Nedbank, has won many awards. She even mentions that:
“I discovered that the bank has found itself on the winners’ podium for more than one time at the annual Financial Times Sustainable Banking Awards.”
Moreover, the bank’s green attempts do not end with the “billboard”. In fact, it is planning on building various branches which will be hundred percent powered by “renewable energy” so as to arrive at a “carbon neutrality”. This initiation has been witnessed for the first time in Africa. As a result, the branches of Nedbank draw their required energy from “a hybrid power installation of solar and wind energy”. It is estimated that the said attempt will reduce the carbon dioxide emission in South Africa by seventy one tonnes annually. The pattern will repeat over all its renewable energy powered branches.