Managing our facilities

Energy consumption

In 2023 Nedbank continued efforts to diversify our electricity use, with a focus on procuring electricity from cleaner sources. With the expansion of our on-site renewable energy sources, and the use of renewable energy certificates2 (RECs) that verify our wheeled 3 renewable electricity consumption, we have further reduced Nedbank’s impact on the environment.

Energy target

Nedbank’s target is to reduce energy consumption by 30% by the end of 2025, based on 2019 levels. Nedbank is accordingly targeting annual electricity consumption below 97 000 MWh (absolute target) or 3 320 kWh per FTE (intensity target), whichever is met first. The resulting summary of electricity consumption is as follows:

Carbon emissions (including business travel) target.

Our target is a 40% reduction in GHG emissions by the end of 2025 based on 2019 levels. This implies total Scope 1 and Scope 2 emissions of ~83 000 tCO2e. The total GHG inventory target for the Nedbank group is a 30% reduction by the end of 2025 based on 2019 levels. This implies a total carbon footprint of 132 ktCO2e, or 4,52 tCO2e per FTE, whichever is met first. Good progress was made in 2023, where the intensity metric continued to decline, down to 4,44 tCO2e per FTE.

In 2023 we achieved our emissions target of 4,52 tC02e per FTE

Scope 1

Includes the following direct emissions: gas and fuels used in our owned or controlled equipment, such as generators, air conditioning and refrigeration gas refills, and our vehicle fleet.

Scope 2

Includes emissions from purchased electricity in both our South African and non-South African operations.

Scope 3

Includes the following indirect emissions: all business travel-related activities, including rental cars, employee-owned cars, commercial airlines, employee commuting, office paper consumption, cloud computing, and digital platform services, cash-in-transit services, courier services and distributed workforce emissions.