Nedbank Opens Africa’s First ‘Green’ Bank

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nedbankIn line with its commitment to environmental sustainability in South Africa, Nedbank has launched Africa’s first 100 percent “green” bank.

The green bank, which uses an innovative hybrid power installation that runs independently off the national grid, is located in Lansdowne corner, Cape Town. It generates more electrical power than it uses by fully offsetting its energy usage via renewable energy sources.

The bank draws energy from solar and wind sources, then converts it to standard mains electricity which is fed into the national grid, effectively cancelling out its own consumption.

Kestrel Renewable Energy was contracted by Nedbank to carry out the installation designed to provide the branch’s full annual electricity demand of 70, 000 kWh – approximately the same energy supply six middle income households in South Africa need.

Nedbank estimates that the installation will help lower South Africa’s total Co2 –eqt emission to approximately 71 tonnes per year – the equivalent to 25,000 litres of petrol.

“This is a remarkable achievement particularly since it ensures that the branch’s operations will now have little to no climate change impacts, thanks to its vastly reduced carbon footprint”, James Carpy , the Technical Director of Kestrel Renewable Energy said.

Nedbank says its green bank is also economically viable, as setup cost will be recouped within two years.

According to Ciko Thomas, the Managing Executive of consumer banking, Nedbank Retail, “The off-grid hybrid installation offers proof of what can be achieved when organisations have a genuine vision for and commitment to, contributing to a greener future of our country.”

He added that the green bank builds on the similar success Nedbank previously achieved with its 2010 implementation of South Africa’s first partially wind-powered bank branch in Du Noon, Western Cape.

“We believe that Nedbank Lansdowne corner has set the standard for future “green” banking branches in South Africa particularly since it exemplifies the transformational potential that can be unlocked when an environmentally-friendly bank branch is accompanied by a firm commitment to ongoing community involvement and upliftment , while also ensuring more people have access to empowering banking solutions that can change lives and build better futures for all.”Thomas concluded


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