Standard Bank raises sustainable finance target to R450 billion

Building on our leadership in energy and infrastructure financing, we have increased our target to mobilise over R450 billion by 2028, a significant rise from the R250 billion target set in 2022.

The updated target reflects our ongoing integration of sustainable finance across our operations and our commitment to financing solutions that create measurable environmental and social impact. This ambition builds on R177 billion already financed since 2022, including R50.6 billion in 2023 and R74.3 billion in 2024.

Accelerating the just energy transition

We remain committed to achieving net zero financed emissions by 2050. This involves engaging clients on sector-specific transition pathways and advocating for policies that enable a just energy transition across Africa.

Renewable energy remains a core focus. We are expanding access to affordable, reliable power through both large-scale renewable projects and decentralised energy solutions for SMEs and households. By 2024, renewable power generation finance was nearly 6 times higher than non-renewable, and between 2022 and 2024, we achieved 82% of our renewable energy financing target, raising R53.4 billion.

A balanced, inclusive approach

While prioritising renewable energy, we also finance select oil and gas projects where robust environmental and social safeguards are in place. We aim to keep upstream oil and gas at under 30% of the energy portfolio and less than 3% of total loans and advances while reducing the physical intensity of our energy portfolio by 10% by 2030.

Beyond energy, our sustainable finance strategy addresses 4 key impact areas:

• Financial health and inclusion
• Business growth and job creation
• Climate change mitigation and adaptation
• Infrastructure development

Standard Bank Group Head of Sustainability Boitumelo Sethlatswe said, “Our approach to sustainability is deeply rooted in our purpose: Africa is our home; we drive her growth. Our commitments reflect our ambition to be a leading green energy player on the continent. We recognise the critical role the bank plays in supporting African economies to achieve a just energy transition, ensuring access to affordable energy while managing climate risk and advancing towards a low-carbon future.”

Our climate policy sets progressive short-, medium- and long-term targets to reduce our contribution to carbon emissions and accelerate sustainable finance, with a strong focus on renewable energy projects across Africa. As part of this commitment, we have set course for a net zero future and pledged to mobilise between R250 billion and R300 billion in sustainable finance by the end of 2026.

Our strategy is informed by the Paris Agreement's principle of common but differentiated responsibilities, recognising that climate action must reflect national contexts while enabling shared progress towards a sustainable future.