Carbon footprint measurement
From 2021 to 2022, our reported total GHG emissions have decreased by 3,5% in absolute terms. Carbon emissions per FTE has also decreased slightly in 2022 by 0,06 tCO2e/FTE. This can be explained by more employees returning to offices in 2022 compared to 2021 increased Scope 3 emissions, as well as higher Scope 1 emissions which can be linked to the increasing amount of loadshedding during the end of 2022, requiring an increase in the use of generators. The slight decrease can be explained due to the adjusted Eskom emission factor from 1,06 tCO2e/MWh to 1,04 tCO2e/ MWh, reduced electricity consumption and the reduction in floor space through the real estate portfolio optimisation. Emissions per m2 decreased by 21% from 0,29 tCO2e/m2 to 0,23 tCO2e per m2.
Key points to note
We are continuing to increase the accuracy and scope of the GHG emissions inventory. Accordingly, we are investigating how to improve the quantifications of our indirect emission sources in Scope 3. For example, we are investigating emission sources from our outsourced courier services. In addition, Nedbank is looking into undertaking a significance assessment related to the boundary of our indirect emissions, as per the latest edition of ISO 14064-1 (2019).
Furthermore, reducing our carbon footprint for the 10th consecutive year is an important goal that we aim to achieve for years to come. Aligning our operations to support carbon neutrality through projects like our green-building initiative to achieve carbon reduction targets is just a small portion of our efforts to going carbon neutral with the least number of offsets. The inclusion of externally sourced renewable energy, as RECs, is a development that aims to broaden the variety of energy sources and support renewable energy projects for own use.
Own operations glidepath
Our glidepath is the decarbonisation trajectory that we have set for reducing our carbon emissions each year for Scope 1 and Scope 2 emissions. These projections show how we plan to achieve our goal to reduce our impact significantly by the year 2035, through reducing our direct carbon emissions.
* Projected increase in Scope 1 due to expected higher levels on loadshedding which will result in higher diesel emissions
We plan on continuing supporting REC projects and Green Star facility ratings to accomplish carbon neutrality. In addition, one of the targets in our glidepath relates to reducing emissions from business travel by 30% by the end of 2025, compared with 2019 levels.
Nedbank group GHG emissions inventory – tCO2e
Our successes serve as a testament to the commitment of every employee to the reduction goals. The table below provides more information about Nedbank’s own Scope 1, 2, and 3 emissions.
