Absa Bank Kenya advanced close to Sh60 billion in sustainable finance in 2023, highlighting the Bank’s ongoing commitment to driving sustainable development.
This figure, contained in the Bank’s Sustainability Report for the financial year ended December 31, 2023, is made up of Sh22.3 billion advanced as climate and sustainability-linked finance and Sh36.9 billion in inclusive finance.
According to the report, ‘Banking on a Better, Sustainable Future, Sh14.1 billion was advanced towards renewable and clean energy, Sh2.9 billion was advanced to green building and Sh2.2 billion towards climate smart agriculture financing and other sustainability-linked lending.
On the other hand, Sh21 billion was advanced to individuals and small businesses through Absa’s virtual banking platform Timiza, while Sh11 billion was loaned to Micro Small and Medium Enterprises with an additional Sh4.9 billion to women entrepreneurs, all classified as inclusive finance.
Absa Bank Kenya PLC managing director & CEO, Abdi Mohamed reaffirmed the Bank’s commitment to operating in a manner that is not only profitable but also responsible, ethical, and aligned with the broader needs of society.
“In today’s world, our stakeholders – whether they are investors, regulators, or customers – expect more from us. They want to see the bigger picture, understanding not only how we create value for our shareholders but also the broader impact we have on society and the environment”, he said.
The report also highlights the notable strides the Bank has made in combating climate change. In the year under review, in partnership with various organizations, the Bank grew 728,095 trees, accelerating its commitment to plant 10 million trees by 2032.
Festus Ng’eno, the principal secretary, State Department of Environment and Climate Change said the financial sector plays a pivotal role in shaping the trajectory of our nation’s development.
“Banks are not merely financial intermediaries; they are the lifeblood of our economy. Absa’s dedication to integrating sustainability into its core operations sets a precedent for other financial institutions and indeed, for all sectors of the economy.
During the period,35,000 women entrepreneurs were empowered through the See Her Empowered (SHE) Star programme. 14,000 entrepreneurs empowered through business growth training and capacity building.
At least 728,095 trees were grown through partnerships with customers, communities and partners.
