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Absa employs environment-friendly strategies

Absa Kenya PLC on Wednesday launched its Sustainability Report 2022, which aims to disclose how the company is managing environmental, social, and governance risks.

Environment and Climate Change Principal Secretary Eng. Festus Ng’eno, in a speech read on his behalf by the Secretary for Administration Environment and Climate Change John Elungata, congratulated Absa on the remarkable journey which boosts the government’s goal of planting 15 billion trees by 2032.

“Sustainability and ecosystem restoration are inseparable; to create shared value for growth, we must achieve our restoration target; you cannot do business on a dead planet,” stated PS Ng’eno.

Concurrently, the Managing Director and Chief Executive Officer (CEO) of Absa Bank Kenya PLC, Mr. Abdi Mohamed, explained that their shared value imperatives are espoused in the sustainability targets, which have been determined in accordance with the UN Global Compact principles.

He said the targets are also in line with the United Nations (UN) Principles for Responsible Banking and are linked to the appropriate UN Sustainable Development Goals (SDGs), the Paris Climate Agreement, and regional and local frameworks such as the African Union Agenda 2063.

“To positively influence national agendas, we promote government policies that benefit society as a whole and serve as strategic thought leaders in critical regulatory dialogues,” stated the CEO.

In 2020, ABSA launched a sustainability strategy that highlighted 13 commitments as the core of their shared value strategy.

Also speaking during the launch, Chairman of Absa Kenya PLC, Mr. Charles Muchene, acknowledged the significant responsibility Absa has as a financial institution to encourage industries and economies to adopt more sustainable practices such as energy efficiency, climate-smart agriculture, renewable energy, and green buildings.

“As an outcome of these actions, we are pleased to issue our first sustainability report, which details our direct and indirect impact on the environment, society, and the economy,” said Muchene.

In September 2020, Absa became the first bank in Kenya to join the Kenya Green Building Society as a champion for programmes that promote the green economy by decreasing pollution and enhancing people’s lives while supporting economic progress.

By Okal Kevin and Shamim Kambi

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