We understand that our success is contingent on the degree to which we deliver value to society. As such, it is important to understand our role in society and how society can be different because Nedbank is a part of it. Banks play a crucial role in facilitating economic activity and enabling sustainable growth and development by moving capital from where it is to where it is required. We have defined our purpose as ‘to use our financial expertise to do good for individuals, families, businesses and society’. It follows, then, that it is through the considered development and delivery of products and services that satisfy unmet societal needs that we can enable a thriving society, create long-term value, maintain trust and ensure the success of our brand.
Globally we are facing massive economic,social and environmental challenges. Following a year in which drought, heatwaves, wildfires and floods were commonplace, it is not suprising that environmental risks - such as extreme weather , biodiversity loss and ecosystem collapse, major natural disasters, man-made environmental disasters, and failure of climate change mitigation and adpatation - were ranked high in terms of likehood and impact in the latest World Economic Forum (WEF) Global Risk Report. It is , of course, the deep interconnectednees of these risks, with human wellbeing that sees them posing systematic challenges to citizens across the world.
Since formally launching Fair Share 2030 in 2015, Nedbank has been integrating sustainability across the full breadth of our business activities. Fair Share 2030 has enjoyed some success in guiding our product development and innovation by ensuring that we focus on identifying and capturing finance opportunities that carry high potential to deliver positive and deliberate economic, social and environmental impact.
Our approach is to focus on the most material SDGs and related targets to guide our sustainable development activities. To enable this shift a sustainable development baseline assessment was done that gives a comprehensive view of our business activities aligned with the SDGs. Using the baseline we then applied a rigorous proprietary methodology to analyse the SDGs and prioritise the most material targets for the bank. This work was then mapped to our Products and Services, Operations and Partnerships to create the Nedbank Sustainable Development Framework.
The Nedbank Sustainable Development Framework offers a clear roadmap for how Nedbank can contribute to the transformation of society within environmental constraints. Going forward we will be setting ambitious new targets for Sustainable Development Finance. This will ensure that we leverage the experience gained through Fair Share 2030 to innovate and capture winning positions in new markets and drive sustainable business growth and value for all stakeholders by contributing our fair share to support delivery on the SDGs.
The SDGs represent an unprecedented road map for the transformation of society within environmental constraints. They set a common direction and ambition level for leaders with the objective of creating a thriving and more equitable society. The expectation is that business will make a significant contribution alongside governments and civil society to achieve the goals.
The SDGs also help to create a common platform for dialogue and cooperation between governments, business and other stakeholders.
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