South African lender, Absa Group, aims to cut its net carbon emissions to zero by 2050 by curtailing lending to coal, oil and gas projects as well as increasing its exposure to renewables.
‘While we recognise Africa’s particular vulnerability to climate change, our approach to net zero also takes cognisance of the development needs of Africa’s people,’ says Punki Modise, Absa Group’s chief strategy and sustainability officer. The company’s loan portfolio’s exposure to coal would reduce to 0.03% by 2050, from 0.2% in 2023, while oil exposure would reduce to 0.32% from 1.41%.
