Nedbank recognises that it has a responsibility not only to be good with money, but more importantly to do good with it. Our core purpose as a bank is therefore to use our financial expertise to do good for individuals, businesses and society across our country and our continent. By seeing money differently in this way, we are confident that we will achieve our vision to be Africa’s most admired financial services provider.' Mike Brown, Chief Executive: Nedbank Group.
The world faces massive economic,social and environmental challenges, ranging from unemployment and income inequality to an increasing disease burden, food and water security issues and climate change, as a result of steady population growth and growing levels of consumption.
In addition, the need for an accelerated energy transformation to combat climate change and energy poverty, combined with new disruptive technologies – particularly in transport and communications –is changing the way the world understands and uses natural resources. This will impact demand for oil and other fossil fuels and add significantly to the volatility seen in prices of these commodities in recent years. Global divestment from fossil fuels and the rapid deployment of cost-competitive renewable-energy technology will undoubtedly continue to impact Africa, and SA in particular.
To ensure that we consistently deliver financial services to meet our clients’ needs within this rapidly changing context, we depend on a highly and relevantly skilled workforce. Meeting this requirement in a country beset by significant levels of unemployment and a legacy of education inequality is an ongoing challenge and we are committed to doing our part to address this challenge.
In response to the clear need for deliberate and collaborative action that will promote sustainable global development, the United Nations Sustainable Development Goals (SDGs) were adopted by all participating countries in 2015. These define global priorities and aspirations for 2030 and offer a clear roadmap for the transformation of society within environmental constraints.
Nedbank is committed to this sustainable development agenda and this commitment was demonstrated in 2013 – ahead of the agreement on the SDGs – when we adopted our eight Long-term Goals for 2030. These Long-term Goals are closely aligned with the SDGs and form the framework we have used for our Fair Share 2030 strategy that is designed to ensure that, over time, we use our financial expertise to contribute positively towards meeting the future growth and development needs of individuals, businesses and society. Going forward we will use the SDGs as the guiding framework for Fair Share 2030, as depicted on attached PDF.
Fair Share 2030 is Nedbank’s strategy to integrate sustainability across the full breadth of our business activities. It is a strategic enabler of our group’s purpose to use our financial expertise to do good for individuals, families, businesses and society.
It guides our activities and product development, ensuring that we focus on identifying and investing in finance opportunities that have the potential to impact social, environmental and economic development positively and serves to expedite the transformation required. It also informs our operational and corporate social investment (CSI) activities.
In 2015 and 2016 we had set a stretching R6bn annual lending target to encourage new and innovative lending with deliberate social and environmental impact. While we did not meet the target in either year(R2,3bn in 2016 and R1,8bn in 2015), the outcome of our lending provided much-needed student accommodation across the country and supported the rollout of additional embedded energy installations (see page 14 for our contribution to renewable-energy and other socioeconomic investments). It also provided opportunities for the bank to learn more about sustainable development finance as a driver of value in tough economic times, within a limiting regulatory environment.
Aligned with our purpose, a broader approach is being adopted for Fair Share 2030. One of the key changes is that the R6bn annual target will be replaced by a larger cumulative target for sustainable development finance up to 2020. This cumulative target will be expressed as a set of outcomes aligned to the SDGs. More details will be provided in the report for the 2017 financial year.
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