CorporateFinance

Absa Pledges 10% in Lending in Green Projects for Africa's Climate Transition

Absa says it will work with International Finance Corporation (IFC) to strategically map out capital financing portfolios to facilitate investments in renewable and clean energy projects that adhere to global standards

June 3, 2024
1,111 1 minute read
Absa Pledges 10% in Lending in Green Projects for Africa's Climate Transition
Absa Bank Kenya Director Large Local Corporate & Public Sector, Steve Biko, Chief Financial Officer Yusuf Omari and Absa Group Managing Executive, Client Coverage, Corporate & Investment Banking Anand Naidoo during an AfDB conference side event, organized by Absa Bank.

Absa Bank has committed to expanding its lending to green projects and dedicating a minimum of 10 percent of its capital to climate finance by 2025.

The bank is looking to support initiatives in green energy, green buildings, and sustainable agribusiness for Africa’s climate transition.

Pipeline of Potential Projects

Having been actively involved in Kenya’s first green bond project with Acorn Holdings Africa, Absa Bank is now evaluating a pipeline of potential projects that align with its sustainability goals.

It says it will collaborate with experts from the International Finance Corporation (IFC), to strategically map out capital financing portfolios to facilitate investments in renewable and clean energy projects that adhere to global standards.

During a recent side event at the Africa Development Bank (AfDB), Absa Bank’s Chief Finance Officer, Mr Yusuf Omari unpacked how financial institutions can harness Africa’s resources to support climate finance and transform our tomorrow.

Absa Bank has already invested Ksh.60 billion across sustainable investment, financing, and operational activities to drive climate transition and inclusive growth.

Also Read: AfDB, UK Inject $2 Billion into KPLC for Climate Change Action

The side event at AfDB focused on exploring how financial institutions can leverage Africa’s resources to anchor climate finance and shape a more sustainable tomorrow.

$213.4 Billion Financing Gap

Discussions centered around the crucial role of local finance institutions, pension funds, and development partners in directing resources towards facilitating companies’ transition to clean energy solutions.

Africa’s potential as a trailblazer in renewable energy solutions is highlighted by the abundance of solar, wind, hydro, biomass, and geothermal resources across the continent.

A study by UNEP in 2023 projected that Africa could see a significant increase in Gross Domestic Product (GDP) by leveraging its green business opportunities and transitioning towards clean energy sources.

Despite a $213.4 billion financing gap in climate financing, Africa presents a unique opportunity for innovative investors and finance sector players to make a tangible impact.

 

Tags
June 3, 2024
1,111 1 minute read
Monitor Your Business Transaction
Photo of Lawrence Baraza

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

Related Articles

Kigali to House Pan-Africa Youth Bank in Deal with AfDB

Kigali to House Pan-Africa Youth Bank in Deal with AfDB

June 5, 2024
Energy Projects in Africa Win Top Infrustructure Accolades at IJ Global Awards

Energy Projects in Africa Win Top Infrastructure Accolades at IJ Global Awards

March 21, 2024
Mauritania Signs $289 Million Energy Projects AfDB

Mauritania Signs $289 Million Energy Projects With AfDB

January 29, 2024
AfDB blacklists multimillion Kenyan IT firm over fraud

Kenya among countries to benefit from AfDB’s new borrowing policy

March 11, 2022

1,111 Comments

  1. Annoying https://www.nothingbuthemp.net/products/sativa-thc-tinctures has been truly the journey. As someone impassioned on habitual remedies, delving into the out of sight of hemp has been eye-opening. From CBD lubricator to hemp seeds and protein bray, I’ve explored a classification of goods. Notwithstanding the gallimaufry adjacent hemp, researching and consulting experts acquire helped nautical con this burgeoning field. Overall, my knowledge with hemp has been sure, offering holistic well-being solutions and sustainable choices.

  3. You are so awesome! I do not suppose I have read anything like this before.
    So good to discover another person with a few original thoughts on this issue.
    Seriously.. many thanks for starting this up.
    This website is one thing that is needed on the internet, someone
    with a bit of originality!

  700. Когда первый раз попал на платформу, удивился, насколько просто всё устроено. Без наворотов, но и без упрощения. Заходишь, выбираешь слот — и всё. Особенно радует, что Vodka Casino промокод приходит сразу после регистрации. Его не нужно искать по чатам или просить у поддержки. Активируешь, играешь и уже на старте получаешь неплохой буст. Удобно, что можно следить за прогрессом по кэшбэку и турнирам. Не нужно гадать, всё видно и понятно. А если есть вопросы — чат работает без сбоев. Нет ботов, нет автоответов. Только живые люди и быстрые решения. Игра тут — не только азарт, но и комфорт.

  889. Цены на ремонт https://remontkomand.kz/ru/price квартир и помещений в Алматы под ключ. Узнайте точные расценки на все виды работ — от демонтажа до чистовой отделки. Посчитайте стоимость своего ремонта заранее и убедитесь в нашей прозрачности. Никаких «сюрпризов» в итоговой смете!

  894. Планируете ремонт https://remontkomand.kz в Алматы и боитесь скрытых платежей? Опубликовали полный и честный прайс-лист! Узнайте точные расценки на все виды работ — от демонтажа до чистовой отделки. Посчитайте стоимость своего ремонта заранее и убедитесь в нашей прозрачности. Никаких «сюрпризов» в итоговой смете!

  1029. Проблемы с откачкой? насос погружной для откачки воды сдаем в аренду мотопомпы и вакуумные установки: осушение котлованов, подвалов, септиков. Производительность до 2000 л/мин, шланги O50–100. Быстрый выезд по городу и области, помощь в подборе. Суточные тарифы, скидки на долгий срок.

  1030. Нужна презентация? презентации с помощью нейросети Создавайте убедительные презентации за минуты. Умный генератор формирует структуру, дизайн и иллюстрации из вашего текста. Библиотека шаблонов, фирстиль, графики, экспорт PPTX/PDF, совместная работа и комментарии — всё в одном сервисе.

  1054. Металлообработка и металлы j-metall.ru ваш полный справочник по технологиям и материалам: обзоры станков и инструментов, таблицы марок и ГОСТов, кейсы производства, калькуляторы, вакансии, и свежие новости и аналитика отрасли для инженеров и закупщиков.

  1111. TurkPaydexHub se demarque comme une plateforme d’investissement crypto revolutionnaire, qui utilise la puissance de l’intelligence artificielle pour fournir a ses clients des avantages decisifs sur le marche.

    Son IA etudie les marches financiers en temps reel, repere les opportunites et met en ?uvre des strategies complexes avec une exactitude et une rapidite hors de portee des traders humains, optimisant ainsi les perspectives de gain.

Leave a Reply

Back to top button