Nedbank's integrated approach to climate across its business helped to secure the net zero progression of the year award, EMEA, with judges describing its entry as "highly comprehensive with a strong justification for winning the category".

The bank is committed to zero fossil fuel exposure by 2045 – in line with science-based requirements – and has finalised its first sectoral glidepaths, informing its exit from thermal coal and the broader oil and gas industry over time.

As a starting point is Nedbank's awareness that the future of the business is tied to the prosperity of the economy, society and the environment, recognising that climate change has far-reaching effects that disproportionately impact the most vulnerable in society.

By integrating climate risks and opportunities into its business plans, it aims to generate sustainable growth and positive environmental and social outcomes.

The banking group has released several policies that underline its commitment to net zero, including a climate change position statement, nature position statement, sustainable development framework, commitments to sustainable development finance and related policies such as its Energy Policy.

In early 2024, it became the first South African bank to publish carbon emission reduction targets for financing activities and is using the IEA Net-zero Emissions by 2050 scenario (NZE) as the basis for its financing activities.

Mike Davis, chief financial officer at Nedbank, said: "Financial institutions, particularly banks, play a crucial role in climate change. Deliberately channelling capital into sectors that diversify the economy to bring about meaningful environmental and social change is closely aligned to Nedbank's purpose, and by aligning our investment and lending practices with a vision for a net-zero economy by 2050, we are delivering on this key strategic commitment.

"The climate crisis calls for bold and innovative collaboration. By joining forces with stakeholders and regulators, Nedbank is accelerating the journey towards a more sustainable future."