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African banks – including Absa, RMB, Nedbank, KCB, and Standard Bank – are running key SDG-focused projects.
Although Africa is home to some of the fastest growing economies in the world, the continent is facing a financial gap as the 2030 goal approaches to meet the Sustainable Development Goals (SDGs) adopted by the United Nations and aligned with Agenda 2063 of the African Union.
The SDGs aim to improve the quality of life of Africans by addressing issues such as hunger, education, clean water and sanitation, affordable and clean energy, inequality, and infrastructure.
Although the focus on sustainability has increased, Africa’s sustainable finance market has continued to grow over the past two years. Debt figures have been rising, for example, reaching a record nearly $13 billion by 2024, according to S&P Global.
However, the volume of sustainable bonds issued is less than 1% of the total global amount, which is not enough to address the infrastructure and development needs of Africa. To meet these needs, Africa will need to close the funding gap of between R670 billion and $762 billion annually by 2030, according to the UN Economic Commission for Africa and the African Development Bank, as most of the gap is concentrated in the less developed countries of the continent.
This equates to a need of approximately $1.3 trillion annually to fully achieve Africa’s SDGs. Despite these challenges, there has been significant progress in Africa as a direct result of the efforts of African banks. Most importantly, this profession has made remarkable advances in health outcomes over the past decade that far exceed progress made anywhere else in the world.
Kenya Commercial Bank
The Best Bank for Community Support
Sustainability is the Business Bank of Kenya’s foundation for inclusive growth and economic sustainability, and the bank’s success has a direct impact on the health of the communities in which it operates. Through the KCB Foundation,
the bank invests in education, climate change, and inclusion. The organization’s 2jiajiri program has created nearly 61,000 jobs and provided support through vocational training and financial access to about 37,000 businesses. A partnership with the Mastercard Foundation has increased access to finance and training for entrepreneurs.
KCB also prioritizes public investment projects for water security, education, sustainable agriculture, and inclusion of vulnerable groups. These projects include five community boreholes in Marsabit, Kenya, which provide water to approximately 27,000 households and 95,000 livestock; scholarships that eliminate poverty in families; financing and equipment for approximately 3,400 farmers and 15 producer groups; and cash transfer programs for 22,000 refugees.
Absa
Best Bank for Sustainable Finance
Best Impact Investing Solution
Best Bank for Sustainable Infrastructure/Professional Finance
Best Bank for Green Bonds
Absa is committed to building a sustainable future in Africa by funding projects that drive positive change, support the continent’s transition to clean energy, and foster equitable, resilient and future-oriented societies. The bank is working to achieve net-zero emissions by 2050. Working towards this goal, Absa has facilitated and organized more than 29.1 billion South African rand (1.8 billion) in sustainable financial transactions by 2025.
The bank has invested R1.6 billion as part of a larger R3.8 billion debt financing fund to support the 150 megawatt (MW) wind power project of producer Red Rocket. The project will provide 100% renewable energy to Discovery Green, which supplies medium and large companies. The package will support the full life cycle of the project, from design to construction to operation and maintenance.
Absa also contributed 50% of the $9.4 billion loan for the Red Sands Battery Energy Storage System (BESS) through project financing, protection, guarantees, and agency and banking services. Once operational, this landmark project under South Africa’s Independent Battery Power Generation Scheme will be the largest BESS in Africa. In order to reduce operational risk, the revenue model is based on availability and not on capacity being shipped. The project provides environmental and grid benefits through load shifting—power stored during the day and dispatched during peak times—to create greater grid resilience and capacity for more renewable energy jobs.
Rand Merchant Bank
Sustainable Finance Deal of the Year (British International Investment Fund)
Best Bank for public bonds
Best Bank for Transitional/Consolidation-Linked Loans
The Rand Merchant Bank (RMB) has been actively working to address climate resilience and the transition to a low carbon world. To achieve this, the bank integrates climate factors into capital allocation, risk appetite, portfolio monitoring, and reporting.
In 2025, the bank completed several milestone projects, such as the issuance of the first Social-social bond for women-owned enterprises, amounting to 2.5 billion rands. This mandate directly addresses barriers to financial inclusion, economic participation, and job creation for women by providing financing to women entrepreneurs.
RMB also arranged the refinancing of Mediclinic’s 9 billion sustainable debt from four financial lenders in what is currently one of the largest sustainable finance projects in South Africa. Mediclinic operates private hospitals that provide multidisciplinary emergency care in South Africa and Namibia.
The bank also created a new class of transition-financing assets and an accompanying framework for allocating funds to projects that help reduce air pollution. RMB acted as a financial restructuring advisor to FirstRand in a $2.6 billion facility from British International Investment, a UK development finance institution and impact investor. The agency mobilized international money to achieve Africa’s climate goals by financing transitional loans across South Africa and the continent to support decarbonisation of struggling sectors, such as industry, energy and cement. The center also created a blueprint for how private and development finance can work together to advance the energy transition in emerging markets.
Nedbank
Best Platform/Technology to Facilitate Sustainable Finance
Best Bank for Continuous Clearing
Nedbank is working to have its entire lending and investment portfolio support a net-zero carbon economy by 2050. The bank’s strategy supports customers and communities while focusing on advanced sustainable development finance that improves resilience and inclusive growth.
The bank adds transparency to its energy policy so that stakeholders can understand and monitor its progress. Nedbank tracks and reports on its environmental impact, including exposure to thermal coal, oil, gas, and electricity generation. In line with Nedbank’s energy policy and environmental statement, the bank is developing a flexible approach with a zero change framework. Position statements on climate change and the environment address the associated risks and opportunities and provide thought leadership on issues of sustainability and finance.
Nedbank also uses technology and analytical tools that provide valuable information about sustainable finance. The bank’s Climate Risk Tool analyzes how various climate events affect financed properties. The bank captures non-native data from its existing systems and uses this in conjunction with existing data to measure and report financial disbursements consistent with accounting methods.
Nedbank’s Building Efficiency Scale captures the water and energy efficiency of buildings, and the internal EDGE certification tool democratizes green building certificates to address the low number of green certified buildings in South Africa.
Standard Bank
Best Bank for Sustainability Bonds
Best Bank for ESG Related Loans
Standard Bank has made sustainability a priority and uses an approach that maximizes positive impact while effectively managing risk. The bank focuses on business growth and job creation, infrastructure development, climate mitigation and adaptation, and financial health and inclusion.
The bank acted as sole arranger and lead arranger for the Industrial Development Corporation’s first $2 billion sustainable bond and $1.4 billion private placement. These bonds are listed on the Johannesburg Stock Exchange Sustainability Segment and help drive South Africa’s transition to an inclusive, low-carbon economy. The bonds will finance projects in renewable energy; energy efficiency; sustainable water management; clean transportation; socio-economic development; and MSME financing. They will also support grid decarbonization initiatives and the growth of independent energy producers.
Standard Bank also launched a $6.1 billion credit facility for NOA Group to design, build, commission, and operate the 505 MW Khauta solar photovoltaic (PV) plant in South Africa. This landmark project includes plans to build BESS and connect the existing substation to the provincial power grid through overhead cables. In addition to reducing carbon emissions, this green project will create jobs during construction and operation.
