NAIROBI, Kenya, Sep 5 – Absa Bank Kenya invested Sh60 billion into sustainability initiatives in 2023, highlighting growing investments in clean as well as projects that support communities.
The allocation went into sustainable financing, social responsibility, environmental responsibility, and governance.
Out of the total amount, Sh22.3 billion was dedicated to climate financing, while Sh36.9 billion was invested in inclusive finance.
This inclusive finance allocation included Sh21 billion for its Timiza program and Sh4.9 billion for MSME support.
Its CEO, Abdi Mohamed, emphasized that these investments align with the bank’s long-term strategies for environmental conservation.
“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 stated.
Additionally, Abdi revealed that Absa has partnered with several organizations to further its sustainability goals.
The bank has invested Sh2 billion in solar-powered projects for off-grid communities through a collaboration with solar manufacturer Sunking and Safaricom.
It has also allocated Sh 20 billion in sustainability-linked loans.
Furthermore, Sh6.7 billion has been directed towards green building development across the country.
Absa says it aims to plant 10 million trees by 2025 and has committed to doubling its sustainability budget to Sh 120 billion.
