Absa CEO Abdi Mohamed during the unveiling of the lender’s 2023 sustainability report. Photo/handout.
Absa Bank has announced that it spent Sh60 billion in sustainability in 2023, according to its latest sustainability report.
The lender asserted that the amount was used in four key areas including sustainable financing, social responsibility, environmental responsibility as well as governance.
A total Sh22.3 billion of that amount was allocated to climate financing while Sh36.9 billion went to its inclusive finance under its Timiza (Sh21 billion) and MSME (Sh4.9 billion) allocation.
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Absa Bank CEO Abdi Mohamed asserted that the move is part of its long term strategies to ensure that it plays its part in environmental conservation in the country.
“We understand that the geopolitical, social, environmental and technological shifts of the next decade will have far reaching effects. In response, we remain resolute in our commitment to turning our word into action, implementing strategies that will positively impact the environment,” he said.
Likewise, Abdi disclosed that the company had partnered with an array of organizations including solar manufacturer Sunking and Safaricom in which it has so far used Sh2 billion in development of solar powered project for off-grid communities and Sh20 billion in sustainability linked loans respectively.
The company also used Sh6.7 billion in green building development across the country.
The company says it is keen on planting 10 million trees by 2025,with a pledge to double the allocation for sustainability to Sh120 million.
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