An application has been submitted by the bank to the United Nations Framework Convention on Climate Change for validation.
Online PR News – 11-June-2012 – Toronto,ON – Lloyd Westcord is pleased to report that seven new carbon credit projects are being developed by Nedbank to help the bank decrease emissions and electricity costs. All seven clean development mechanism projects will be developed by a local carbon emission advisory firm, which is the Promethium Carbon on behalf of Nedbank.
An application has been submitted by the bank to the United Nations Framework Convention on Climate Change for validation. Lloyd Westcord was told that the bank aims to complete the projects by the end of the first quarter of 2013. The bank will be able to claim credits once the projects are completed.
Operational costs will decrease by cutting electricity usage aside from helping Eskom in its bid to curb emissions as agreed in the climate change discussions held in SA last year according to the head of African treasury.
Comparison between the actual carbon savings of the new project against prior carbon emissions are the basis of the credits. Nedbank will purchase the carbon credits, who in turn make the credits available to the open market. The transactions costs involved would range between R100m and R150m.