NAIROBI, Kenya, October 25- Absa Bank PLC is set to double its sustainable finance allocation to KES120 billion in two years as part of its refreshed sustainability commitment.
Speaking during the launch of its Sustainability Report for the year ended 2022, Absa CEO Abdi Mohamed revealed that the lender has advanced about KES60 billion in sustainable finance which covers 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,” he said.
The bank’s sustainability strategy is anchored on leveraging business practices and decisions that enhance the objectives of the United Nations Sustainable Development Goals (SDG).
On his part, Absa chairman Charles Muchene reiterated the company’s commitment to stepping up their efforts in green financing.
“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,” said muchene.
