| NEDBANK TO INVEST R9 MILLION IN SA's CRITICAL WATER CATCHMENT AREAS 29 August 2011 - Further embedding its commitment to environmental sustainability, the Nedbank Group is to invest R9 million in an innovative Water Balance Programme, an initiative by WWF South Africa. Water is widely acknowledged as South Africa's scarcest resource and the one that will be the most impacted by climate change. Nedbank's increased focus on water is a key part of their climate change response strategy and underpins the urgent need to tackle climate change impacts as will be addressed at COP17 in Durban later this year. WWF estimates that around 98% of South Africa's freshwater supplies are currently allocated and that demand will outstrip supply by 2025, jeopardising economic growth that is vital for ongoing socio-economic development. "Through our provision of water infrastructure funding, our 20-year involvement with The Green Trust and our own sustainability initiatives, we have invested in a range of water-related projects in line with our water stewardship programme, which addresses water scarcity, water quality and access to water. This new multi-million rand investment raises our water stewardship efforts to a much higher and more impactful level," said Mike Brown, Nedbank's CEO. Dr Deon Nel, head of WWF's Biodiversity Unit, said that WWF has identified the availability of water and the health of water provisioning catchments as one of the most critical challenges facing South Africa. Nedbank's investment will fund the removal of alien invasive species, which is estimated to release more than 550,000 kilolitres of water a year, back into two of SA's high priority water catchment areas. Following its achievement of becoming Africa's first carbon neutral financial organisation in 2010, water is the next step in Nedbank's sustainability journey. A 17% reduction in its own water consumption over the past two years is further evidence of this commitment. "Nedbank is making an investment, in proportion to its operational water use, into WWF's Water Balance Programme. The programme encourages water users to take ownership of South Africa's common water challenge by going beyond reducing their own water consumption to also making an investment back into water provisioning ecosystems," explains Nel. "This substantial investment links high level commitments (such as the CEO Water Mandate) to tangible on-the-ground outcomes in some of the highest water yield ecosystems in the country. In addition to increasing water supply, these investments into WWF's water programmes will also improve water quality, create jobs and contribute to climate change adaptation and resilience." Several critical water catchments are recognised in South Africa as the country's 'water factories' based on the high water yield of those catchments. WWF has identified five nodes in which these catchments lie and where the programme will focus its broader water stewardship efforts. These are the upper reaches of the Berg and Breede catchments, the Garden Route from George to Plettenberg Bay in the Western Cape; the Kouga in the Eastern Cape; the Umgeni in KwaZulu- Natal and the Enkangala Grasslands in Mpumalanga. Nedbank's R9 million investment will contribute towards work in the latter two catchments. "When one considers that approximately 3,300 million kilolitres of water is trapped by invasive alien species in South Africa – equating to around 7% of the country's water run-off – it's easy to understand how important this investment is in improving water security in our country," said Brown. Importantly, he added, this massive amount of water is being prevented from replenishing the water ecosystems upon which our country's environmental integrity is dependent. It is vital for this water to be freed up to improve water availability in a water-stressed country. In addition, this initiative supports and complements government's work in this area through its Working for Water Programme. Valuable spinoffs also include job creation and support for farmers who show further commitment to environmental sustainability. "Water, energy and food security are inextricably linked and it is a pleasing addition to the programme that we can support the agriculture sector through this work too. We are enthusiastic about this next step in our sustainability journey and hope this encourages other corporates to play their role in making things happen," states Brown. Ends * Alien invasive trees and plants are those that have been introduced to the country – such as black wattle – and then out-compete indigenous species and pose a direct risk to biological diversity, water security, ecological functioning of natural systems and productive use of agricultural land. Notes to the Editor Nedbank's water stewardship strategy addresses water scarcity, water quality and access to water. Current activities include:
Nedbank Group's commitment to Sustainability In 2009, Nedbank Group became the first financial services organisation on the African continent to achieve carbon neutrality. Not only did this achievement cement the group's reputation as a bank committed to environmental issues, it also signalled the beginning of the next stage of Nedbank Group's ongoing sustainability journey. While its 'green' commitment is a core element of this journey, the group takes an integrated approach that combines the four pillars of environmental, social, economic and cultural sustainability to ensure that its sustainability efforts deliver the broadest possible benefits for all its stakeholders, the environment, and the communities in which it operates. In addition, Nedbank donates money on behalf of its Green Affinity clients to The Green Trust, a two-decade-long partnership between Nedbank and WWF-South Africa. Nedbank clients do not pay a premium for enabling donations to The Green Trust; service fees for Nedbank Green Affinity accounts are the same as those for standard Nedbank banking accounts. Rather, Nedbank Green Affinity donates money on behalf of its clients, based on clients' financial activity. The effectiveness of this approach is demonstrated and enhanced by the many awards earned by the group, as well as its inclusion and participation in an array of indices and environmental initiatives, including: • Dow Jones World Sustainability Index membership – the world's premier performance benchmark for companies in terms of corporate sustainability. Included for the fifth year. One of only 25 banks worldwide and three companies with primary listings in South Africa to be included on the index (only SA Bank). 2010: 78% (2009: 77%). • JSE SRI Index – inclusion since 2004. • South African Carbon Disclosure Project Leadership Index – 2010, the group recognised as a leader in the performance category and placed third in the disclosure category. • CDP's Water Disclosure Project – 2010 voluntary participant. • Global 1000 Sustainable Performance Leaders Index – Ranked 284th (third highest • SA company). • Financial Times – 2010, Emerging Markets Sustainable Bank of the Year for Middle East & Africa. • Equator Principles – first African bank signatory. • WWF-SA Conservation Partnership. • Ernst & Young Excellence in Sustainability Reporting – award of excellence received. • UNEP FI – signatory to official Statement on Climate Change. • Signatory to the Cancun Communiqué. • Climate Change Leadership Awards – 2010 joint winner Financial Services Sector. • Nedbank is the first company in South Africa to be awarded a Green Star 'as built' rating for Phase 2 of its headoffice complex. • 2011 Nkonki Integrated Reporting Awards – Nedbank won the Finance Sector and was placed 2nd overall. Nedbank is represented on: • Climate Neutral Network • UNEP FI African Task Force • UNEP FI Banking Commission • UNEP FI Human Rights Work Stream • UNEP Water & Finance Initiative Work Stream • United Nations Global Compact - 'Caring for Climate' Programme • National Business Initiative Advisory Committee on Climate Change • National Energy Efficiency Accord • Banking Association of South Africa: Sustainable Finance Committee • UNISA Climate Change Advisory Committee • CEO Water Mandate Issued by: Mpho Sebelebele Nedbank Group Communications 011 294 4274 / 082 528 3432 Shireen Ramjoo Jenni Newman Public Relations (Pty) Ltd 011 506 7358/ 079 452 5386 | ||||
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