Modern Mining September 2022

GREEN MINING

Nedbank at the forefront of funding renewable

The strong push to meet climate change goals as outlined by the Paris Agreement sees corporates, in particular international busi nesses, racing to lower their carbon footprint in line with their stated objectives of achieving carbon neutrality within specified time-frames. This drive underpins the speedy adoption of renew able energy solutions by companies across the globe, especially big energy consumers such as mining houses. By Nelendhre Moodley .

Nedbank is on an aggressive drive to fund clean energy projects.

Amith Singh.

Nivaash Singh.

A frica’s mining industry hosts numerous global entities from Australia, Canada, London and USA, which have operational mines and other business interests on the continent. Front and centre to all these entities is a consistent drive for transition to cleaner energy that is supported by shareholders, investors and boards alike. A key focus area is fast-tracking renewable energy solu tions such as wind, solar and hydropower to reduce their carbon footprint. This clean energy urgency dovetails with bank ing and financial institution Nedbank’s push for a greener planet as it remains a frontrunner in helping clients invest in green energy solutions. Nedbank plays an important role in driving sustainable

socioeconomic development for the benefit of all stakeholders, by providing capital where it is needed most. The bank’s financing choices serve to enable the necessary transition to a low-carbon economy and also contribute to building climate resilience through the financing of adaptation measures. Furthermore, Nedbank adopted and published its energy policy in April 2021, which outlines the com mitment of the bank, over time, aligning its business strategy, policies, mandates and incentives with the Paris Agreement. In a bid to better understand the trends shaping the integration of renewable energy in mining opera tions, Modern Mining spoke to Nedbank’s head of energy finance: Nedbank Corporate and Investment Banking Division, Amith Singh and co-head of min ing and resource finance: Nedbank Corporate and Investment Banking, Nivaash Singh. Nedbank was one of the first South African banking institutions to champion renewable energy solutions and early on signalled its intent to fund renewable energy solutions as it ceased investing in fossil fuels. Nedbank’s energy policy further serves to guide its transition away from fossil fuels, while accelerating efforts to finance non-fossil energy solutions needed to support socioeconomic devel opment and build resilience to climate change. According to Amith Singh, Nedbank has been on an aggressive drive to offer financial solutions to both the public sector and private sector, and also the Government’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP)

Nedbank was one of the first South African banking institutions to champion renewable energy solutions.

32  MODERN MINING  September 2022