Absa Bank Kenya PLC has released its 2024 Sustainability and Climate Report. Highlighting progress in environmental action, inclusive finance, and governance.
Central to the report is the unveiling of Kenya’s first Eco-Home Loan. Offering up to 110 per cent financing for energy-efficient and climate-resilient housing.
Eco-Home Loan targets climate-conscious living
The Eco-Home Loan enables customers to make sustainable home upgrades such as installing solar panels, water and energy-saving systems, and using eco-friendly building materials. The initiative aligns with Absa’s commitment to a just and inclusive transition to a low-carbon economy.
KES 47 billion in sustainable finance disbursed
Absa disbursed KES 47 billion in sustainable finance in 2024, targeting MSMEs, women- and youth-led enterprises, and underserved communities. However, Timiza, the bank’s digital lending platform, contributed KES 25.1 billion, underscoring the role of digital tools in bridging financial access gaps.
Alignment with global sustainability standards
Absa Bank Kenya Chairman Charles Muchene said the report reflects the bank’s ongoing evolution toward sustainability maturity. It marks the early adoption of the International Sustainability Standards Board (ISSB) guidelines. IFRS S1 and S2 — expected to become global benchmarks for sustainability disclosures.
Strong climate action achievements
The bank recorded a 38 per cent reduction in Scope 2 emissions from purchased electricity compared to its 2019 baseline. Waste management efforts saw 2,745 kilograms recycled in 2024, achieving a 94 per cent recovery rate and avoiding nearly seven tonnes of CO₂-equivalent emissions. Absa has also planted more than 1.5 million trees to date.
Community Investment and Youth Empowerment
Through the Absa Kenya Foundation, KES 107 million was invested in citizenship and financial literacy initiatives. Over 11,000 youth were trained through the ReadytoWork platform. Furthermore, 635 staff participated in community outreach projects worth KES 41 million.
Inclusive workplace and governance strengthening
Absa maintained a 51:49 female-to-male staff ratio and retained its Top Employer status. Additionally, governance systems were bolstered with Board-level oversight on climate risk, adoption of a Greenwashing Policy, and alignment with the Central Bank of Kenya’s Climate Risk Guidelines and the Green Finance Taxonomy.
Vision for 2030 and beyond
Absa Bank Kenya CEO Abdi Mohamed emphasised sustainability as a business imperative: “Our focus is on creating shared value across the ecosystem. This report signals our ambition to accelerate action towards 2030 and beyond.”