Nedbank Group Limited, commonly known as Nedbank, is a prominent financial institution headquartered in Johannesburg, South Africa (ZA). Established in 1888, the bank has evolved into a key player in the financial intermediation services sector, excluding insurance and pension funding. With a strong presence across Southern Africa, Nedbank offers a diverse range of services, including retail banking, corporate banking, and wealth management.
Nedbank distinguishes itself through its commitment to sustainability and innovation, providing unique products tailored to meet the needs of its clients. The bank has achieved notable milestones, including recognition for its digital banking solutions and customer service excellence. As one of the largest banks in South Africa, Nedbank continues to strengthen its market position, focusing on responsible banking practices and community development.
+19 vs industry average
Nedbank’s score of 56 is higher than 70% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Financial Intermediation is among the least carbon-intensive industries
Industry performance
The Financial Intermediation industry has reduced its overall emissions by 33% since 2018
Emissions trajectory 2020 – 2027
Reported emissions
Scope 3 accounts for ••• of total emissions.
Nedbank's reported carbon emissions
Nedbank's Carbon Emissions and Climate Commitments
Nedbank, a financial intermediation services provider based in ZA, is actively addressing its environmental impact. The company has disclosed its carbon emissions for multiple years, with its latest reported figures for 2024.
2024 Emissions: In 2024, Nedbank reported total emissions of approximately 105,340,000 kg CO2e. This figure includes:
- Scope 1: Approximately 2,083,000 kg CO2e, primarily from mobile combustion and fugitive emissions.
- Scope 2: Approximately 68,475,000 kg CO2e, largely from purchased electricity.
- Scope 3: Approximately 34,782,000 kg CO2e, with business travel and employee commute being significant contributors.
2023 Emissions: For 2023, Nedbank's total emissions were approximately 113,339,000 kg CO2e.
- Scope 1: Approximately 7,177,000 kg CO2e.
- Scope 2: Approximately 81,115,000 kg CO2e.
- Scope 3: Approximately 34,350,000 kg CO2e.
Historical Emissions Trends: Nedbank has been tracking its emissions for several years, with reported figures showing fluctuations:
- 2022: Scope 1 and 2 emissions totalled approximately 103,283,000 kg CO2e.
- 2021: Scope 1 and 2 emissions were approximately 112,000,000 kg CO2e.
- 2020: Scope 1 and 2 emissions amounted to approximately 119,000,000 kg CO2e.
- 2019: Total emissions were around 188,443,000 kg CO2e, comprising Scope 1 (approximately 1,466,000 kg CO2e), Scope 2 (approximately 137,103,000 kg CO2e), and Scope 3 (approximately 49,875,000 kg CO2e).
Climate Commitments and Reduction Targets: Nedbank has established several key climate commitments and reduction targets:
- Net-Zero by 2050: The organisation is committed to achieving net-zero carbon emissions by 2050 across all scopes, aligning with its Energy Policy to support the energy transition and renewable energy integration.
- Lending and Investment: Nedbank aims to ensure that 100% of its lending and investment activities support a net-zero carbon economy by 2050.
- Operational Emissions Reduction: Nedbank has a target to reduce its Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 40% by the end of 2025, using 2019 as the baseline. This target is reported to have been achieved.
- Fossil Fuel Exposure: Nedbank aims for zero exposure to fossil fuel-related activities by 2045.
- Business Travel: A target exists to reduce emissions from business travel by 30% by the end of 2025, compared to 2019 levels.
- Energy Consumption: Nedbank aims to reduce energy consumption by 30% by the end of 2025, based on 2019 levels, targeting electricity consumption below 97,000 MWh (absolute) or 3,320 kWh per FTE (intensity).
These commitments and targets demonstrate Nedbank's dedication to contributing to a sustainable future within the financial intermediation sector.
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Nedbank’s Climate Goals (2030 & 2050)
2025
Near-zero scope 1 & 2
Target to achieve near-zero emissions for direct operations and purchased energy
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
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Scope 3 top emissions categories
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Climate initiatives
Science Based Targets Initiative
Carbon Disclosure Project
The Climate Pledge
UN Global Compact Climate Champions initiative
RE 100
Climate Action 100
Emissions comparison with industry peers
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Nedbank
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