Dirty banks are greenwashing their work while funding Africa’s growing addiction to fossil fuels at the same time.
Behind closed doors, banks like Nedbank are financing massive coal power stations, oil refineries and drilling rigs. This contributes to climate change, uses and pollutes huge amounts of scarce water and affects people’s health.
We need to make them go fossil free.
Are Eugreen, Nedbank? Not so much...
How can Nedbank call itself ‘the only green bank’ and have almost R1 billion of fossil fuel investments? Savvy? We don't think so!
Burning fossil fuels causes climate change, uses and pollutes huge amounts of scarce water and affects people's health. The science says we must keep 80% of all fossil fuels in the ground to hold average global temperatures to a 2 degree increase.
Yet in South Africa, hundreds of new mines may be approved by government and financed by the banks. Coal has been killing people in Witbank for years, now poor communities in places like the Waterberg face paying the real cost of mining.
The only solution is a Fossil Free Africa that starts with these dirty banks coming clean. So Nedbank what about you? Commit to disclose your fossil fuel investments, to stop financing future dirty projects like Coal 3 and to back renewable energy. No more greenwash, step up and play your part in creating a Fossil Free Africa.