Standard Bank has raised its sustainable finance commitment to R450 billion by 2028, up from its previous target of R250 billion by 2026. This move aligns with the bank’s broader strategy to support Africa’s energy transition and infrastructure development. Since 2022, the bank has already mobilised R177 billion, including R50.6 billion in 2023 and R74.3 billion in 2024.
The bank remains committed to achieving net-zero financed emissions by 2050, engaging with clients on sector transition pathways and advocating for supportive regulatory frameworks. While it continues to fund new oil and gas projects, these investments will be strictly managed with robust environmental and social risk controls. The bank aims to limit upstream oil and gas exposure to less than 30% of its energy portfolio and less than 3% of its total loans and advances, with a goal to reduce the physical intensity of its portfolio by 10% by 2030.
Renewable energy remains a top priority, with the bank financing both large-scale and decentralised clean energy projects. In 2024, its energy supply ratio—measuring finance directed to renewable versus non-renewable power—stood at 5.96 times in favour of renewables.
“Our purpose is to drive Africa’s growth by ensuring our business activities address the continent’s challenges and improve prosperity for its people,” said Standard Bank’s Group Head of Sustainability, Boitumelo Sethlatswe.
The bank’s sustainability strategy focuses on four key areas: financial health and inclusion, business growth and job creation, climate change mitigation and adaptation, and infrastructure development. By significantly increasing its commitment to sustainable finance, Standard Bank aims to play a leading role in Africa’s just energy transition, balancing economic development with climate risk management.