ENVIRONMENT: Nedbank Helps Luxury Brands Achieve Carbon Neutrality
Recent Gauteng Business News
Nedbank Capital has sold more than 98,000 tonnes of carbon offsets to the PPR group, a major French consortium specialising in luxury brands Gucci, Yves Saint Laurent, Sergio Rossi and PUMA to name a few.
Kevin Whitfield, head of African Treasuries, Carbon and Financial Products says, “Facilitated by our Cape Town, Johannesburg and London teams, the transaction is a prime example of the growing international trade in carbon offset programmes as companies around the world seek to reduce their carbon footprints. This transaction is an excellent reference for us as we continue to grow our presence in the carbon market in South Africa, elsewhere in Africa and in other parts of the world.”
The carbon credits are linked to Wildlife Works’ leading REDD (Reduced Emissions from Deforestation and Degradation) project in Kenya which takes into account the needs of the local community and biodiversity.
Nedbank Capital has been involved with the project since November 2009, during which time it has acquired more than one million tonnes of carbon offsets for the Nedbank Group’s own carbon neutrality requirements and for sale to other organisations. The Kenyan project is the world’s first Voluntary Carbon Standard (VCS) validated and verified REDD programme.
PPR offset the 2010 carbon emissions from PUMA and PPR’s headquarters through its transaction with Nedbank Capital. PPR recently announced a new sustainability initiative entitled PPR HOME that goes beyond traditional corporate social responsibility and sets a new standard in business practise in the luxury, sport, lifestyle and retail sectors.
Nedbank, which became South Africa and Africa’s first carbon neutral financial organisation in 2009, is a leading player in the carbon offset trading market and sees strong growth potential as sustainability receives growing focus from a wide range of corporations doing business around the world.
Business News Sector Tags: Finance| Business| Environment|