Nedbank Group has become one of the first SA corporates to use Renewable Energy Certificates (RECs) to offset part of its carbon footprint, in a deal with property giant Growthpoint for 26 of its leased branches to be powered by renewable energy.
The move allows the lender to decarbonise part of its operations in Growthpoint-owned malls and offices in five provinces — from La Lucia Mall in KwaZulu-Natal to The Constantia Village in Cape Town — covering more than 8,200m² of retail space.
Through the initiative, Growthpoint certifies the solar power generated at its properties. It issues stamped and verified RECs to tenants, giving companies such as Nedbank a practical way to reduce emissions they cannot directly influence, particularly in a context where the electricity supply remains largely coal-fired. Beyond immediate decarbonisation, the programme allows corporates to strengthen their environmental, social and governance credentials.
“Access to RECs through Growthpoint gives us an immediate, auditable way to reduce Scope 2 emissions for our branches in their buildings. This removes a big barrier and supports our long-term climate goals, especially where it is too complex to wheel or generate renewable electrons,” said Nedbank executive head of group business services Charl de Kock.
The bank hit its 30% energy reduction target two years early. In 2024, electricity consumption remained under 97,000 MWh, with renewable energy accounting for 10% of total use. Having been carbon-neutral since 2010, Nedbank stands out as the only big South African bank with this long-standing record, it said.
Nedbank is offsetting Scope 2 emissions at 26 Growthpoint properties in five provinces, including sites in Gauteng such as Alberton City, Brooklyn Mall and Woodmead Retail Park; the Eastern Cape’s Beacon Bay, Greenacres and Walmer Park; KwaZulu-Natal’s La Lucia Mall, Hillcrest Corner, Pharos House and Westville Mall; the Western Cape’s Bayside, Gardens, Howard, Longbeach, N1 City, Paarl Mall and The Constantia Village; and North West’s Waterfall Mall.
Meanwhile, Growthpoint head of corporate advisory Werner van Antwerpen said Nedbank’s early adoption of RECs marked a pivotal moment for carbon offsetting and reporting in SA.
“Transparent carbon emission offsets are urgently needed, especially for businesses operating in leased spaces, where tackling the challenge alone is simply not possible,” he said.
Since rolling out its first rooftop solar system in 2011, the property group has poured more than R1bn into local solar projects, building its large small-scale embedded generator renewable energy fleets in the process.
Alongside its rooftop solar fleet, Growthpoint launched its wheeled renewable energy initiative, e-co₂, in October 2025, supported by a landmark 195 GWh power purchase agreement (PPA) with Etana Energy for a mix of hydro, wind and solar power.
The first project under the PPA, the R390m Boston Hydroelectric Plant in the Lesotho Highlands, in which Growthpoint holds a 30% stake, will supply about 30 GWh of certified zero-carbon electricity annually.
This clean power is feeding the national grid and serving 23 Growthpoint buildings, including 10 e-co₂ offices in Sandton, where each unit of green electricity consumed by tenants automatically generates a tradable, blockchain-tracked REC through Fuel Switch, while compounding cost-saving benefits.
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