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1 April 2025
Absa Group today published its 2024 Sustainability and Climate Report, outlining the strides made over the past year in embedding sustainability across its business, and setting out the strategic priorities that will guide its long-term impact across the continent.
Guided by three strategic pillars — financial inclusion, diversity, equity, inclusion and belonging (DEIB), and climate action — and underpinned by strong governance and corporate citizenship, Absa’s approach to sustainability is grounded in its purpose: “Empowering Africa’s tomorrow, together… one story at a time.”
“We recognise the responsibility we carry as a Pan-African financial institution. Whether it’s advancing access to finance, accelerating the just energy transition, or building more inclusive systems — our focus is on enabling progress where it matters most. The strides we made this past year reflect our ability to turn intent into real impact,” said Punki Modise, Chief Strategy and Sustainability Officer at Absa Group.
Key milestones in 2024 included:
- Surpassing the R100 billion sustainable finance target more than a year ahead of schedule, with over R121 billion mobilised since 2021 to support investments in renewable energy, infrastructure, and social development.
- Expanding support for underserved communities by reaching 183 945 individuals through financial education and investing over R319 million in community development.
- Investing more than R142 million in entrepreneurship education and youth employability, benefiting 33 983 individuals.
- Reaching 23 437 young people through the ReadyToWork Programme, a free curriculum designed to enhance employability and entrepreneurial readiness across the bank’s Africa operations.
- Enhancing sustainability governance through ESG risk assessments, climate stress testing, and IFRS S2-aligned disclosures — ensuring ESG is embedded into the bank’s financial performance.
- Supporting clients with approximately R40 billion in sustainability-linked products and solutions.
- Providing financial literacy training to over 2 200 smallholder farmers and farm workers.
- Directing R13 billion toward affordable housing registration in South Africa between 2020 and 2024, benefiting 24 443 customers, of whom 67% are women.
Absa also reported a 33% reduction in operational carbon emissions, marking significant progress towards the target of a 51% reduction by 2030 and our long-term ambition of reaching net-zero emissions by 2050.
“Our sustainability strategy is shaped by the realities our communities face and the future we want to help build. It reflects the issues that matter most to our people, our clients, and our continent. In a world defined by constant change, we are intentional about creating value today that endures well into tomorrow,” said Modise.
To advance its long-term sustainability strategy, Absa is prioritising solutions that promote financial inclusion and sustainable economic growth, with a particular focus on ensuring that underserved communities and SMEs have access to financial tools that support their transition to resilient and inclusive business models. The bank is also investing in digital and technological innovation, leveraging AI and advanced analytics to improve ESG risk assessments, track impact more precisely, and scale sustainability-linked financing.
To view Absa’s full 2024 Sustainability and Climate Report, visit Absa Group Limited Sustainability and Climate Report 2024