Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.

 

Nedbank

 


This is the second Certified Climate Bond to be issued from South Africa, after the ZAR 1 billion issuance from the City of Cape Town, which was linked to water infrastructure assets in July 2017.

Nedbank Limited is a subsidiary of the Nedbank Group, which is one of the largest financial services groups in South Africa. In 2018, Nedbank Group had a market capitalisation of ZAR 125 billion (USD 8.7 billion). The company operates as a general services bank.

In 2017, Nedbank Limited signed up to the Principles for Positive Impact Finance, an initiative of the UN PRI. It has since begun aligning its reporting and lending activities with the SDGs and South Africa’s Nationally Determined Contributions (NDCs).

In 2018, the Government of South Africa announced a 2030 target of 26% of its electricity generation to come from wind and solar generation. Currently, the majority of its electricity generation comes from coal power. 

 

The proceeds of this issuance will be used to finance the construction of three new solar farms and 1 new wind farm in South Africa. The total installed capacity of the assets is 345 MW. 

 

DATE OF ISSUE

TYPE OF INSTRUMENT

SIZE

TENOR

COUNTRY OF ISSUE

CLIMATE BONDS SECTOR CRITERIA

VERIFIER'S REPORT

ANNUAL REPORT FURTHER INFORMATION
April 2019 Use of Proceeds Bond ZAR1.66bn (USD116m) up to 7 years South Africa Solar, Wind pre issuance verification report   news article

October 2019

Use of Proceeds Bond ZAR 1 billion (USD 68m) up to 5 years South Africa Solar, Wind pre issuance verification