Nairobi — Absa Bank PLC today announced plans to double sustainable financing to Sh120 billion over the next two years.

The bank's CEO, Abdi Mohamed, revealed that the lender has already disbursed Sh60 billion in green financing.

"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," Mohamed said during the unveiling of their 2022 Sustainable Report.

"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," he added.

The commitment forms part of thirteen broader goals set by the bank under its Sustainability Agenda, launched in 2020.

It seeks to protect the people, the environment, and the wellbeing of communities where it operates, focusing on three key areas: climate action, recycling, and sustainable sourcing.

The bank's sustainability strategy is anchored on leveraging business practices and decisions that enhance the objectives of the United Nations Sustainable Development Goals (SDG).

Absa's sustainability goals include quantitative targets in areas identified as opportunities for significant impact and value.

They include quality education, decent work, economic growth, reduced inequalities, and responsible consumption and production.

"In acknowledgment of the importance of climate change and the urgent need for global action to avert a climate disaster, we have accelerated our efforts towards improving our green credentials and climate approach, including reducing our carbon footprint and pursuing green funding opportunities," Absa chairman Charles Muchene said.

In the review period, the bank increased internal efficiency through a 13 percent reduction in energy footprint and a 26.3 percent reduction in carbon footprint.