Absa Bank has unveiled its plans to increase its sustainable finance allocation to KES120 billion within a span of two years as part of its renewed commitment to sustainability.
This year alone, the bank has already provided approximately KES60 billion in sustainable finance, encompassing both green finance and inclusive finance.
In its latest Sustainability Report, the bank has outlined its strategic initiatives across 13 commitments that were established during the launch of its Sustainability Commitments in November 2020.
These commitments cover a wide range of themes, including Net Zero Commitments, Social and Environmental Impact, Empowerment of Women and Youth, and Value Creation for Businesses and Partners.
Abdi Mohamed, the Managing Director and CEO of Absa Bank Kenya, expressed the bank’s ambition to significantly expand its investment in this area, aiming to enhance its support for sustainable development across all economic sectors.
He emphasized that the bank will play a more prominent and daring role, particularly in sectors such as renewable energy, energy efficiency, green building, and climate-smart agriculture.
Charles Muchene, the Board Chairman of Absa Bank Kenya PLC, highlighted the bank’s sustainability strategy, which has been implemented over the past three years.
He emphasized the 13 commitments as the driving force behind their shared value strategy. Recognizing the urgency of climate change and the need for global action, the bank has intensified its efforts to improve its green credentials and climate approach.
This includes reducing its carbon footprint, pursuing green funding opportunities, and actively engaging in initiatives that promote the green economy.
The bank has achieved significant milestones in its sustainability journey, including a 13% reduction in energy consumption and a 26.3% reduction in carbon footprint through the implementation of eco-friendly measures such as minimizing the use of plastic bottled water and reducing energy usage in its premises.
As part of its commitment to becoming a net zero carbon footprint company by 2040, Absa Bank became the first bank to join the Kenya Green Building Society, championing initiatives that aim to reduce pollution, improve lives, and foster economic growth.