Nairobi: Absa Bank Kenya PLC has released its 2024 Sustainability and Climate Report, outlining significant progress in environmental action, inclusive finance, and governance maturity. As part of this journey, the Bank has unveiled Kenya’s first Eco-Home Loan, offering up to 110 percent financing to help customers build or upgrade homes with energy-efficient and climate-resilient features.
According to Kenya News Agency, the report, themed ‘Rooted in Purpose, Growing with Impact,’ showcases how Absa is embedding sustainability across its business. A key highlight is the Eco-Home Loan, which empowers customers to make climate-conscious upgrades such as installing solar panels, water and energy-saving systems, and using sustainable building materials. This aligns home ownership choices with Absa’s commitment to a just, inclusive transition.
In addition to focusing on financial inclusion, the bank disbursed Sh47 billion in sustainable finance targeting Micro, Small, and Medium Enterprises (MSMEs), women- and youth-led enterprises, and underserved segments. Of this, Timiza, Absa’s digital lending platform, accounted for Sh 25.1 billion, reinforcing the role of digital infrastructure in closing access gaps.
Absa Bank Kenya Chairman Charles Muchene observed that the 2024 report reflects Absa’s continued evolution towards sustainability maturity and greater alignment with global standards. He noted that the report marks the early stages of adopting the International Sustainability Standards Board (ISSB) guidelines, IFRS S1 and S2, which are poised to become the global benchmark for sustainability disclosures. Muchene claimed, “We see this as a necessary shift to build investor confidence and comparability.”
The bank also reported a 38 percent reduction in Scope 2 emissions from purchased electricity compared to the 2019 baseline, driven by retrofitting and smart metering across its premises. For 2024, 2,745 kilograms of waste were recycled, with a 94 percent recovery rate helping avoid close to 7 tons of CO2-equivalent emissions. Additionally, Absa has planted over 1.5 million trees as part of its reforestation efforts.
Absa Kenya Chief Executive Officer (CEO) Abdi Mohamed affirmed, “Sustainability is now a business imperative. Over the past three years, we have embedded it as a core lens through which we evaluate risk, opportunity, and long-term impact.” He disclosed that the move is translating into tangible results, from inclusive lending and supply chain empowerment to financing solutions that actively support Kenya’s transition to a low-carbon, climate-resilient economy. “The Eco-Home Loan is one example of how we are taking this forward,” he stated.
Through the Absa Kenya Foundation, the bank invested Sh107 million in citizenship and financial literacy programs. More than 11,000 youth were trained through the bank’s Ready to Work platform, while 635 staff members participated in community outreach initiatives valued at Sh41 million.
Internally, Absa maintained strong performance on inclusion, with a 51:49 female-to-male ratio and continued Top Employer recognition. Governance systems were further recognized as strengthened through board-level oversight of climate risk and sustainability disclosures, approval of a greenwashing policy, and alignment with CBK’s Climate Risk Guidelines and Kenya’s Green Finance Taxonomy. Mohamed announced, “As a purpose-led business, our focus is on creating shared value across the ecosystem. This report signals our ambition to accelerate action towards 2030 and beyond.”
