Investec is supporting Sustainable Development Goal 7: Affordable and Clean Energy
Clean, renewable energy is key to sustainability. Investec is a prime example of how businesses can finance and develop solutions to tackle the ongoing energy crisis worldwide.
A key part of Investec’s climate strategy is to maintain carbon neutrality in their direct operational emissions. The path to carbon neutrality can be daunting, but also achievable. First and foremost, emissions needs to be avoided and reduced. Only then are the remaining, unavoidable emissions considered for carbon offsets.
As the first bank in South Africa to disclose their fossil fuel exposures including coal, oil, gas and related infrastructure and distribution, Investec are importantly transparent in their disclosures. Plus, they're proud to target their direct and indirect impacts on the environment.
Investec Group’s energy lending portfolio, as of 31 March 2022 consists of 46.9% renewables and just 2.7% coal, which largely supports the carbon-intensive South African economy. A predominantly renewable portfolio makes a massive, multi-faceted impact on sustainability. Investec's continuation of targets to consistently improve their standards of a sustainable business shows dedication to tackling the issue of clean energy on a business level.
South Africa is in a unique energy crisis that often leads to black outs across the country. To inject more electricity into the grid, Investec has funded South Africa’s largest concentrated solar power plant in Kathu, Northern Cape. Designed to save six million tonnes of CO2 emissions over 20 years, this plant isn’t just crucial for the climate; it’s critical for the community as well, powering 179,000 houses and reducing energy poverty.
Moreover, Investec created the clean energy fund ‘Revego Africa Energy’ to continue the production of clean energy in South Africa, pledging R660 million to it. Plus, Investec participated in £5.4bn of renewable projects in the last five years, and encourages investors and clients to get involved in clean energy to give the communities around them with energy stability and better quality of life.
This case study shows how Investec supports Goal 7: Affordable and Clean Energy, specifically Target 7.2: “By 2030, increase substantially the share of renewable energy in the global energy mix.”
Founded in Johannesburg in 1974, Investec is an international bank and wealth manager hosting 8,200 staff globally across 40 different countries. Working across five different continents, it is recognised as the Best Private Bank and Wealth Manager in South Africa.
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