In a decisive move for South Africa’s green-property sector, Nedbank Group and Growthpoint Properties have announced a partnership to decarbonize 26 Nedbank branches across five provinces.
The initiative marks a breakthrough in tenant-landlord collaboration, using renewable-energy certificates (RECs) to offset electricity-related emissions of leased premises.
The 26 branches span over 8 200m2 of space within Growthpoint-owned shopping centres and office parks.
Through this agreement, Growthpoint will supply Nedbank with RECs generated from its extensive renewable energy portfolio. The certificates represent verified units of green electricity produced from solar, hydro, and wind projects connected to the national grid. By procuring these certificates, Nedbank can match its branch electricity consumption with an equivalent volume of renewable generation, cutting its Scope 2 emissions from grid electricity.
For both companies, the partnership signals a structural experiment in decarbonizing leased commercial property, a segment long constrained by split incentives between owners and tenants.
“This collaboration shows what can be achieved when landlords and tenants pursue aligned sustainability outcomes,” said Growthpoint’s head of sustainability, Madeleine Ronquest. “It also opens a credible route for others to decarbonize where direct renewable supply is not yet feasible.”
The buildings and construction sector in South Africa, which includes commercial and residential buildings, contributes about 7% of the country’s direct carbon emissions, roughly 34 metric tonnes of CO2 per year, according to Boston Consulting Group reports.
Each of Growthpoint’s Nedbank branches is estimated to consume between 250 000 and 400 000kWh of electricity annually. The partnership could offset roughly 9 000 to 10 000 tonnes of CO2 annually.
Growthpoint, South Africa’s largest listed real estate investment trust, has become a bellwether for the property sector’s low-carbon transition. Growthpoint’s latest integrated report shows 120 green-certified buildings, reduced water intensity, and progress toward portfolio-wide waste diversion targets.
For Nedbank, the Growthpoint collaboration strengthens a sustainability track record that predates most of its peers.
“Nedbank achieved a 30% energy-reduction target, two years ahead of schedule. In 2024, our electricity use stayed below 97 000MWh and renewable energy reached 10% of total consumption,” says Nedbank’s executive head of group business services, Charl de Kock. “We have been carbon-neutral since 2010, making us the only major bank with this track record.”
