NAIROBI, Kenya- Absa Bank Kenya is making bold moves in the world of sustainable finance, advancing close to Sh60 billion in 2023 alone.
The bank’s latest sustainability report, themed Banking on a Better, Sustainable Future, showcases its efforts to drive responsible growth and address global challenges such as climate change.
The report highlights the bank’s two primary areas of focus: climate and sustainability-linked finance, which accounted for Sh22.3 billion, and inclusive finance, which made up Sh36.9 billion of the total.
A large chunk of Absa’s financing went directly to climate-related initiatives, underscoring the bank’s dedication to fostering a greener future.
According to the report, Sh14.1 billion was channeled into climate finance and clean energy projects, including renewable energy developments and green building initiatives.
An additional Sh2.9 billion was allocated to the construction of green buildings, while another Sh2.2 billion supported climate-smart agriculture and other sustainability-linked ventures.
This positions Absa as a key player in the transition to a low-carbon economy, with projects that directly contribute to mitigating the effects of climate change.
In addition to its climate efforts, Absa has been committed to empowering individuals and small businesses through inclusive finance.
The report highlights Sh21 billion in loans disbursed via the bank’s virtual banking platform, Timiza, providing much-needed financial access to individuals and small enterprises.
Micro, Small, and Medium Enterprises (MSMEs) also benefited significantly, with Sh11 billion in loans, alongside a dedicated Sh4.9 billion earmarked for women entrepreneurs.
This focus on inclusive finance is essential for driving economic growth and promoting equal opportunities for traditionally underserved groups.
Absa’s sustainability efforts extend far beyond financing. The bank made substantial strides in combating climate change, partnering with various organizations to plant 728,095 trees in 2023, contributing toward its goal of 10 million trees by 2032.
This initiative highlights Absa’s hands-on approach to reducing carbon emissions and promoting environmental stewardship.
Speaking of carbon, the bank also cut its operational carbon emissions by 8pc and retrofitted 85 of its sites with energy-saving technology, pushing forward its mission to achieve net zero emissions by 2050.
Additionally, five of its sites were certified as green buildings, a further testament to the bank’s sustainability push.
In another milestone, Absa achieved a nearly equal gender split across its workforce, with a 51:49 women-to-men ratio. At the leadership level, the bank reported a 40:60 ratio, demonstrating its commitment to diversity and inclusion.
Absa Bank Kenya is clearly setting a high standard for responsible banking, from financing green projects to promoting financial inclusion.
As it continues to advance these efforts, the bank not only strengthens its role as a financial leader but also as a steward of sustainability, paving the way for a more equitable and eco-friendly future.
