Financial services provider Standard Bank has updated its group sustainable finance targets and aims to mobilise more than R450-billion by 2028 for energy and infrastructure development on the continent.

This compares with its previous sustainable finance target of R250-billion by 2026 and builds on the R177-billion financed since 2022, with R50.6-billion in sustainable finance mobilised in 2023 and R74.3-billion in 2024.

The bank aims to support the decarbonisation of Africa's economies and is committed to achieving net-zero financed emissions by 2050, which involves engaging with clients on sector transition pathways and advocating for supportive policy and regulatory frameworks.

It continues to finance new oil and gas projects, provided they are designed and implemented with robust environmental and social risk controls, the bank notes.

“This balanced approach includes limiting upstream oil and gas exposure to less than 30% of the energy portfolio and less than 3% of the bank’s total loans and advances, with a goal of reducing the physical intensity of the portfolio by 10% by 2030,” Standard Bank says.

In 2024, its energy supply ratio, which is the share of finance directed towards renewable power generation compared with that directed towards non-renewable power generation, was 5.96-times, it states.

Its four key focus areas are financial health and inclusion, business growth and job creation, climate change mitigation and adaptation and infrastructure development.

“Standard Bank’s purpose is to drive Africa’s growth by ensuring that its business activities address the continent’s challenges and deliver improved prosperity for its people. The bank is dedicated to conducting its core business in a manner that generates positive social, economic and environmental impacts for the communities it serves.”

The bank supports a broad range of activities that contribute to the decarbonisation of Africa’s economies, it adds.

Further, investment in renewable-energy infrastructure remains a priority for Standard Bank. The bank focuses on expanding access to affordable and reliable energy, particularly through renewable-energy solutions.

This includes financing utility-scale and decentralised renewable-energy projects, as well as energy efficiency solutions for small and medium-sized enterprises and homeowners.

“Standard Bank aims to be a leading green energy player on the continent, and we recognise the critical role the bank plays in supporting African economies to achieve a just energy transition by ensuring access to affordable energy while managing climate risk and advancing towards a low-carbon future,” says Standard Bank Group head of sustainability Boitumelo Sethlatswe.