Absa Bank Kenya PLC provided nearly Ksh.60 billion in sustainable financing development during 2023, to promoting the United Nations’ Sustainable Development Goals (SDGs).
This, is according to the lender’s Sustainability Report titled “Banking on a Better, Sustainable Future”, reflects the efforts to align financial activities with broader societal and environmental objectives for the financial year ending December 31, 2023.
Ksh.22.3 billion was allocated to climate and sustainability-linked projects, while Ksh.36.9 billion supported inclusive finance initiatives.
Under the climate finance category, Ksh.14.1 billion was directed towards renewable and clean energy projects, Ksh.2.9 billion went into green building initiatives, and Ksh.2.2 billion supported climate-smart agriculture and related sustainability-linked loans.
For inclusive finance, the bank channeled Ksh.21 billion to individuals and small businesses via its Timiza virtual banking platform. Additionally, Micro, Small, and Medium Enterprises (MSMEs) received Ksh.11 billion, and women entrepreneurs were supported with Ksh.4.9 billion in loans.
“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”, said Absa Bank Kenya PLC Managing Director & CEO, Abdi Mohamed.
It (Absa) planted 728,095 trees as part of its broader goal to plant 10 million trees by 2032.
During the launch of the report, Dr. Eng. Festus Ng’eno, Principal Secretary of the State Department of Environment and Climate Change challenged Absa to keep “playing the role in shaping the trajectory of our nation’s development.
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He also said that “banks are not merely financial intermediaries; they are the lifeblood of our economy.”
Key Report Highlights:
Financial Inclusion:
– 35,000 women entrepreneurs supported through the *See Her Empowered (SHE) Star* program.
– 14,000 entrepreneurs benefited from business growth training and capacity building.
– Ksh.36.9 billion disbursed to MSMEs and women-led businesses.
– Ksh.21 billion advanced to start-ups and youth via Timiza.
Environmental Stewardship:
– Ksh.22.3 billion invested in renewable energy, green building, and agriculture.
– 728,095 trees planted in collaboration with customers and partners.
– 8% reduction in operational carbon emissions, with a goal to reach net-zero by 2050.
– 85 sites retrofitted with energy-saving technology, five of which are now certified as green buildings.
– Ksh.2 billion invested in solar-powered projects for off-grid communities in partnership with SunKing.
– Participation in Safaricom’s Ksh.20 billion sustainability-linked loan.
Social Impact:
– 72,000 students trained in digital literacy through *Computers for Schools*.
– 20,274 youth impacted by the *Ready2Work* initiative, totaling 252,000 youth since its launch.
– 3,500 hours of employee volunteer work.
– Gender balance across the organization: 51% women, 49% men, with a 40% women representation in leadership.
– Recognized as a Top Employer for three consecutive years, with all staff trained in future skills.
Sustainability in Sports:
– Partnered with Athletics Kenya to plant over 2,500 trees at Kasarani Stadium during the Absa Kipkeino Classic Tour.
– Committed to plant 100 trees for every birdie scored at the *Magical Kenya Open* under the *Birdies for Trees* initiative.
