Financial services provider Nedbank on Wednesday launched the second edition of its Carbon Footprinting Guide, which was aimed at demystifying carbon footprint approaches and help readers grasp the main concepts of carbon measuring, monitoring, reporting and verification.

It also explained the nuances of carbon calculations using step-by-step examples.

The guide comprised case studies that critically evaluated the different approaches followed by South African companies, with regard to greenhouse-gas (GHG) emissions reporting and strategic actions taken to reduce such emissions.

The 2014 version had more than 50 000 downloads and Nedbank anticipated that the latest version, with the updated tables and values, would be just as helpful to users.

The guide assisted readers to be better placed to reduce operational expenditures associated with the use of energy and better geared for the looming domestic and international financial penalties that would be associated with GHG pollution.

It also assisted readers to make informed operational choices and to think strategically about developing products and services for an increasingly complex world with environmental limitations.

According to the guide, climate change was a challenge that required urgent and extensive action on the part of governments, business and citizens – if the risk of serious damage to global prosperity and security was to be avoided.

It highlighted that climate change posed both risks and opportunities to all parts of the business sector. Banks, in particular, had a crucial role to play in enabling the transition from a carbon-intensive economy to more efficient low-carbon alternatives.

Speaking at a roundtable on Wednesday, Nedbank head of sustainability Brigitte Burnett noted that GHG emissions were in the spotlight again as the world prepared for the Conference of the Parties, or COP21, taking place in Paris, France, in November.

She pointed out that South Africa was the largest carbon dioxide emitter on the African continent.

“Business needs to play a more proactive role to combat climate change and shift to a resilient low-carbon economy and society. Sustainability is essential and if managed properly helps identify new markets and business growth,” she said.

She noted that Nedbank’s journey to carbon neutrality began with a "reduce first and offset later" approach and that neutrality had been maintained through offsetting the residual footprint through sourcing carbon credits from local projects where possible.

“From an operational point of view, we were managing our energy and water efficiency well. However, we felt that the biggest impact we could have was through our lending. So we developed the long-term goals that describe a thriving South Africa by 2030."