Standard Bank, Led By Sim Tshabalala, Raises Sustainable Finance Commitments To 24.5 Billion

Standard Bank raised its sustainable finance commitment to 24.5 billion by 2028, an 80 surge, aiming to accelerate Africas energy transition and economic development.

The bank has already deployed 9.6 billion since 2022, financing 4 billion last year, with a focused strategy on infrastructure, job creation, and climate mitigation.

Despite green ambitions, Standard Bank maintains a balanced approach, with its net-zero carbon emissions from financed activities by 2050.

Standard Bank, Africas largest bank by assets, under the leadership of South African banker Sim Tshabalala, has ramped up its sustainable finance commitment to 24.5 billion by 2028, marking an 80 percent increase from its previous R250 billion13.6 billion target by 2026. This move highlights the financial giants resolve to drive Africas green transition while fostering economic development across the continent.

The latest R450 billion 24.5 billion target builds on the R177 billion 9.6 billion the bank has already deployed since 2022, including R74.3 billion 4 billion in financing last year. The announcement underscores Standard Banks role in shaping Africas energy and infrastructure landscape while addressing climate change challenges.

Under the leadership of Sim Tshabalala, Standard Bank has cemented its reputation as a pioneer in sustainable finance. The banks renewed commitment aligns with Africas broader climate financing needs, with the African Development Bank estimating the continent requires 2.7 trillion by 2030 to meet its climate goals.

The revised targets emphasize Standard Banks commitment to leading energy and infrastructure development on the continent, the lender stated. Our goal is to drive Africas growth by ensuring our business activities directly address the regions challenges and promote shared prosperity.

Standard Banks sustainable finance strategy is centered around four pillars: financial health and inclusion, business growth and job creation, climate change mitigation and adaptation, and infrastructure development. Despite its green ambitions, the bank maintains a balanced approach, continuing to finance new oil and gas projects while adhering to stringent environmental and social safeguards.