Absa Bank To Double Sustainable Finance To Ksh 120 Billion

by Business Watch Team

Absa Bank Kenya PLC plans to double its sustainable finance allocation to KES120 billion in two years as part of its refreshed sustainability commitment.

While unveiling the Bank’s Sustainability Report for the financial year ending December 31, 2022, Absa Bank Kenya Managing Director and CEO Abdi Mohamed said that this year alone, the Bank has advanced about KES60 billion in sustainable finance, comprising components of green finance as well as inclusive finance.

“Our ambition is to continue significantly expanding our investment in this space as we scale our support to sustainable development across all our economic sectors. You can therefore expect to see us playing an even bigger and bolder role, specifically in renewable energy, energy efficiency, green building, and climate-smart agriculture sectors in the days ahead,” said Mr. Mohamed.

In the new Sustainability Report, the Bank has highlighted its strategic interventions across 13 commitments made during the launch of its Sustainability Commitments in November 2020, covering various themes such as Net Zero Commitments, Social and Environment Impact, Women and Youth Empowerment, and Value Creation for Businesses and Partners.

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Speaking at the event, the Absa Bank Kenya PLC Board Chairman, Charles Michener, said: “In the last three years, we have been implementing our sustainability strategy, which has 13 commitments as the core drivers of our shared value strategy. In acknowledgment of the importance of climate change and the urgent need for global action to avert a climate disaster, we have accelerated our efforts towards improving our green credentials and climate approach, including reducing our carbon footprint and pursuing green funding opportunities.

On his part, John Elungata, the Secretary for Administration, Ministry of Environment, Climate Change & Forestry spoke on behalf of the Principal Secretary Eng. Festus Ngeno, highlighted the critical intersection of the financial sector, environmental stewardship, and the fight against climate change.

“We laud the private sector’s enthusiastic response to our call to support in preserving Kenya’s environment, promoting sustainable resource management, and driving climate action. This partnership is invaluable in securing a healthy and sustainable future for all and I extend an invitation to more private sector players to join us in addressing this critical agenda.”

Amongst the other significant milestones attained in the Bank’s sustainability journey include increased internal efficiency through a 13% reduction in energy footprint and a 26.3% carbon footprint reduction by retrofitting to eco-friendly facilities such as minimizing plastic bottled water use and energy usage in its business premises. As part of its commitment to become a net zero carbon footprint company by 2040, in 2020, Absa became the first bank to join the Kenya Green Building Society as a champion for initiatives that promote the green economy by reducing pollution and improving people’s lives while fostering economic growth.

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