Dear Nedbank,

350Africa is writing in response to your numerous claims to the public that Nedbank is engaging with us.

As yet, we have not received any response to our request for a list of projects and the amount of money that Nedbank is financing in coal and other fossil fuel projects in South Africa and Africa. We urge you to engage us on matters concerning your support of dirty deals.

This claim is not being made lightly, and comes from public sources which claim that a R500-million loan made to Glencore Plc was transferred to Tegeta Resources during their acquisition of Optimum Coal.

Further, you along with several other South African banks and financial institutions voted for and supported the Optimum-Tegeta merger. The reason why you have not made the honourable move in joining some of the country’s biggest banks in closing their doors to Gupta business operations is clear. It explicitly shows your involvement in influencing the Optimum-Tegeta deal and ultimately playing a hand at locking South Africa into more dirty deals.

The call for less coal has been noticed by financial institutions, faith based organisations and society at large. Recently, the Desmond and Leah Tutu foundation called on South African investment companies to lead the way in ethical investments and break free from fossil fuels.It is perplexing that a bank like yours, with a green brand identity has not done enough to support the need for fossil fuel reserves to remain in the ground. It is clear that your bank’s green financing ventures have been tokenistic with no real commitment to a just transition towards a renewable, people centric energy system.

We note that coal financing will not end when you take that first step, but hope that you can take heed of the growing international consensus on the severity of the climate crises. We urge you to “Make It Happen” and play your part in keeping the vast majority of fossil fuel reserves in the ground and end destructive coal financing, that is a surefire way of truly engaging with 350Africa.org.

Sincerely,

Ahmed Mokgopo

Divestment Campaigner

350Africa.org

 

You can help us send this letter to Nedbank to ask them to come clean and truly engage with us.

Thank you for taking action for a Fossil Free Africa!