Absa Bank Kenya reaped dividends from investing in people and the environment after posting Sh16.4 billion in net earnings for the year ended December 31, 2023.
According to the banks financial report released Monday morning in Nairobi, the lender financed several green projects to the tune of Sh21 billion in line with the country's dream to achieve 100 per cent clean energy by 2030.
“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," said Mohamed.
During the period, the lender and the local community planted at least 1.4 million trees in tendem with the government of Kenya's ambition to plant 15 billions by next financial year.
Late last year, the bank indicated it was going to increase investment climate financing to Sh60 billion .
It indicated that it will double its portfolio of credit advanced under climate financing to Sh120 billion by 2025.
"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,” said Abdi Mohamed, MD Absa Kenya.
They include zet zero, social and environmental impact, empowering women and youth, and creating value for businesses and partners.
Climate financing at Absa Bank Kenya is monitored by a unit — the Climate Change Risk Management Absa Bank Kenya — which has a board that branches into four committees including the audit and risk committee.
The bank has a sustainability steering committee, a sustainability team and a business and enterprise function unit under the country management committee.
Besides, the lender spent at least Sh22 billion during the period under review to facilitate increased access to financing, markets, mentorship, and networking opportunities.
At least Sh15 billion was advanced towards MSMEs with 30 per cent of this dedicated to women in business. 15.5 per cent of active suppliers are women and youth, with a commitment to reach 20 per cent in 2024.
During the period, the bank also empowered 65,000 with digital literacy in schools across the country, facilitated 65 computer labs and ensured 25,000 students got empowered with ready to work skills, enabling them to earn livelihoods.
Furthermore, 500 women-owned businesses were trained on corporate procurement readiness, more than 90 suppliers trained on sustainable business practices and 900 of colleagues invested over 3,500 hours in community work.
