Nedbank Group has become one of the first South African companies to offset its electricity-related emissions using Growthpoint Properties’ renewable energy certificate (REC) framework developed in partnership with Fuel Switch and Etana Energy.
The agreement enables the group to offset Scope 2 emissions across 26 branches in Growthpoint-owned malls and offices in five provinces. The initiative addresses a challenge for tenants in multi-tenanted buildings where electricity supply is controlled by landlords and typically sourced from coal-based grid power, says Charl de Kock, Nedbank’s Executive Head of Group Business Services.
“Nedbank achieved a 30% energy reduction target two years ahead of schedule. In 2024, our electricity use stayed below 97 000 MWh and renewable energy reached 10% of total consumption. We have been carbon-neutral since 2010, making us the only major bank with this track record,” De Kock says.
Werner van Antwerpen, Growthpoint’s Head of Corporate Advisory, adds: “Nedbank’s early adoption of RECs marks a shift for carbon offsetting and reporting in South Africa. Transparent carbon emission offsets are needed, particularly for businesses in leased spaces as they cannot tackle the challenge alone. Growthpoint assists in decarbonising their operations.”
Growthpoint’s REC model certifies renewable electricity generated from its on-site solar portfolio and its e-co₂ wheeled power supplied through Etana Energy. Each megawatt-hour of renewable electricity is registered and tracked on Fuel Switch’s blockchain-based platform integrated with the I-REC and zaRECs registries for verification and audit purposes.
