Nedbank: ‘Green economy will deliver jobs’

South Africa’s energy crisis has sparked innovation across various sectors to simplify the transition from non-renewable to sustainable energy – and it seems there might be some benefits in store for the youth.

Speaking at the recently held inaugural Climate Action Youth Seminar, executive head of Nedbank Foundation Poovi Pillay described the emerging green economy as an economic model which combines growth and sustainability, and called on South African youth to take advantage of the opportunities it presents.

“The Green Economy offers us a way to save the planet while creating jobs for young people”, he said.

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As of 2021, Nedbank has aligned its corporate strategic investments with green economy principles by focusing on four key areas − waste, energy, water and agriculture.

As a result, the bank has invested around R70 million towards numerous youth-focused projects countrywide and established formidable partnerships with like-valued organisations.

Green projects

Nedbank’s partnership with KP Cares seeks to upskill young entrepreneurs and Small, Medium, and Micro enterprises (SMMEs) in rural parts of the Eastern Cape and Free State so they can create successful businesses within the green economy.

Kusini Water, a social enterprise in whose purpose is to build water treatment systems from nanotechnology and macadamia nut shells, is another beneficiary.

Nedbank’s thriving collaboration with the organisation has rolled out water purifying kiosks across 14 schools in the cholera-stricken Hammanskraal community. According to Pillay, each kiosk has a potential monthly income of R30 000.

“Similar projects are being funded in the waste and agricultural sectors, all with the aim of providing opportunities while reinventing the old, wasteful economy,” said Pillay.

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Emphasising on the importance of upskilling, Pillay said a youth cadre with advanced skills is required to strengthen the green economy, so it becomes the dominant economic model.

Nedbank’s notable partnership with GetOn Foundation is geared towards equipping 30 entrepreneurial students with useful skills to gain employment and start businesses − within 12 months.

In another initiative, the bank helps to endow fellowships for postgraduate students pursuing research in the water sector, enabling them to acquire professional and leadership skills to transform the industry.

Time for action

Pillay encourages the youth to join the journey towards a green economy, and to make it theirs.

“Our challenges as a nation and as a globe are big ones,” expressed Pillay.

“They are pressing, and there is no room for delay – the time for action is now.”