In Johannesburg today, 350Africa plans to hand over a tough love, end-your-dirty-affair-with-
Nedbank has invested at least R2bn in fossil fuel projects. Ferrial Adam, 350’s Africa Arab World Director, says “although Nedbank, Standard Bank and Absa/Barclays together provided R10bn of loans for coal projects from 2005 to 2013, Nedbank is being targeted particularly because it calls itself “the only green bank.”
For the world to meet the outcomes of the UN climate meeting in Paris last year, 80% of coal needs to remain in the ground. Burning of coal is one of the largest contributors to climate change, thus 350Africa is calling for a just transition from fossil fuel, and for Nedbank to share full details of its investments in fossil fuels.
“It is clear that after the Climate Summit in Paris we need to redouble our efforts to end the use of destructive fossil fuels,” says Amir Bagheri, 350Africa campaigner and artivist.
Furthermore, the mining industry is facing hostile future growth prospects. Massive job losses, high production costs, concerns around safety and fatalities, and of course a depreciating demand. “This is an opportunity for South Africa, one of the most renewable-friendly locations in the world, to proactively shift to sustainable renewable industries.” added Mr. Bagheri.
350Africa wants Nedbank to fully disclose its investments in fossil fuels, develop a true risk profile of fossil fuel investment, and support the research of the true costs of fossil fuels to people and the environment, in particular water pollution and access. Finally, 350Africa wants a public statement from the bank, committing to stop financing future mining refineries and fossil fuel powered energy utilities in South Africa and across Africa.
“Nedbank claims to have engaged with 350Africa, my call to them is to engage beyond twitter and facebook,” concluded Adam.
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Contacts
Lerato Letebele – 350 Africa Arab World Communications Manager
lerato@350.org; +27 11 339 1035; +27 76 562 4895
Amir Bagheri- 350 Africa Arab World – Campaigner & Artivist