Nedbank stops financing new oil and gas exploration projects

JOHANNESBURG - Nedbank will not directly finance any new oil and gas projects.

The bank has adopted an energy policy that will see it direct more investments towards renewable energy sources.

READ: Nedbank results: Pandemic hits bank's earnings

Nedbank and other institutions have faced fierce criticism for their decision to continue financing fossil fuel projects.

The bank agrees that there is potential for natural gas in the transition to cleaner energies.

But it wants to withdraw entirely from fossil fuel extraction activities by 2045



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