Absa on track to fund R100bn in ESG-related projects by 2025
Interim CEO Jason Quinn says sustainable finance offers significant growth opportunity as it looks to allocate more capital to grow its CIB unit
Absa, SA’s fourth-largest bank by market value, is targeting sustainable finance as a significant growth opportunity and says it stands ready to help fund the infrastructure investment needed to spark life into SA’s lacklustre economic recovery.
The group’s corporate and investment banking (CIB) unit provided about R19bn of environmental, social and governance (ESG) related financing in 2021, almost double its target, putting it well on track to meet its goal of funding at least R100bn in such projects by 2025, says Absa’s interim CEO Jason Quinn. The bank could well fund more than R100bn in ESG projects over the next four years if the economic environment is conducive, he adds...
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