Sustainable Finance Awards 2026: Africa | Global Finance Magazine Skip to content
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African banks such as Absa, RMB, Nedbank, KCB and Standard Bank are driving important projects focused on the SDGs.
Despite Africa being some of the world’s fastest growing economies, the continent faces a funding gap as it approaches the 2030 target for achieving the Sustainable Development Goals (SDGs) adopted by the United Nations and aligned with the African Union’s Agenda 2063.
The SDGs aim to improve the living standards of people in Africa by addressing issues such as hunger, education, clean water and sanitation, affordable and clean energy, inequality and infrastructure.
Africa’s sustainable finance market has continued to grow over the past two years, despite increased scrutiny of sustainability. For example, according to S&P Global, debt is increasing and will reach a record of about $13 billion in 2024.
However, sustainable bond issuance accounts for less than 1% of the global total, which is insufficient to address Africa’s infrastructure and development needs. To meet these needs, Africa will need to close a funding gap of between $670 billion and $762 billion annually by 2030, with the majority of that gap concentrated in the continent’s less developed countries, according to the United Nations Economic Commission for Africa and the African Development Bank.
This equates to approximately $1.3 trillion per year needed to fully achieve Africa’s SDGs. Despite these challenges, significant progress has been made in Africa as a direct result of the efforts of African banks. Most importantly, this work has facilitated dramatic improvements in health outcomes that far exceed the progress achieved in other parts of the world over the past decade.
kenya commercial bank
Best Banks to Maintain Your Community
Sustainability is the foundation of Kenya Commercial Bank’s inclusive growth and economic resilience, and the bank’s success directly impacts the health of the communities in which it operates. Through the KCB Foundation,
The bank invests in education, climate adaptation and inclusion. The foundation’s 2Jiawari program has created approximately 61,000 jobs and provided support to approximately 37,000 businesses through job training and access to finance. Our collaboration with the Mastercard Foundation expands access to funding and training for entrepreneurs.
KCB also prioritizes community investment projects for water security, education, sustainable agriculture, and inclusion of vulnerable people. These projects include five community wells in Marsabit, Kenya, providing water to approximately 27,000 households and 95,000 livestock. Scholarships to eliminate family poverty. Financing and equipment for approximately 3,400 livestock farmers and 15 producer groups. and a cash transfer program for 22,000 refugees.
Absa
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Best Impact Investing Solutions
Best Bank for Sustainable Infrastructure/Project Finance
The best banks for green bonds
Absa is committed to building a sustainable future for Africa by funding projects that drive positive change, support the continent’s transition to clean energy, and foster fair, resilient, future-focused communities. The bank is committed to achieving net-zero emissions by 2050. Towards this goal, Absa has facilitated and arranged sustainable finance transactions worth over 29.1 billion South African Rand ($1.8 billion) in 2025.
The bank has committed R1.6 billion as part of a larger R3.8 billion debt financing package to support power producer Red Rocket’s 150 megawatt (MW) wind project. The project will provide 100% renewable energy to Discovery Green, which will supply it to medium-sized and large companies. This package provides funding for the entire project lifecycle, from design to construction, operation and maintenance.
Absa also contributed 50% of Red Sands Battery Energy Storage Systems (BESS)’s R9.4 billion debt package through project finance financing, hedging, guarantees, agency and account banking services. Once operational, this landmark transaction under South Africa’s Battery Energy Storage Independent Power Producer Procurement Program will create Africa’s largest independent BESS. To reduce operational risk, the revenue model is based on availability rather than power supply. The project will provide environmental and grid benefits through load shifting to increase grid stability and free up capacity for additional renewable energy projects. This means that energy is stored during the day and transmitted during peak times.
land merchant bank
Sustainable Finance Deal of the Year (UK International Investment Transition Finance Facility)
The best bank for social bonds
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Land Merchant Bank (RMB) has been actively working towards climate resilience and a just transition to a low carbon world. To achieve this, the Bank incorporates climate factors into its capital allocation, risk appetite, portfolio monitoring and reporting.
In 2025, the bank completed several landmark transactions, including FirstRand Bank’s first social bond issue for women-owned businesses (totaling R2.5 billion). The bond directly addresses barriers to women’s financial inclusion, economic participation, and job creation by providing funding to women entrepreneurs.
RMB also arranged the refinancing of Mediclinic’s R9 billion sustainability loan across four financial institutions, in what is now one of South Africa’s largest sustainability finance syndicate transactions. Mediclinic operates private hospitals providing multidisciplinary acute care in South Africa and Namibia.
The bank has also developed a new transition finance asset class and associated framework to allocate funds to projects that accelerate emissions reductions. RMB acted as transition financial advisor to FirstRand on a R2.6 billion facility with British International Investment, a UK development finance institution and impact investor. The facility mobilized international capital towards Africa’s climate goals by funding transition financing in South Africa and across the continent to support the decarbonization of hard-to-abate sectors such as industry, energy and cement. The facility will also create a blueprint for how private and development finance can work together to advance energy transitions in emerging markets.
nedbank
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Best banks for sustainability transparency
Nedbank is committed to ensuring that its entire lending and investment portfolio supports a net-zero carbon economy by 2050. The bank’s strategy focuses on scalable and sustainable development finance that fosters economic decarbonization and inclusive growth while supporting customers and communities.
The Bank is building transparency into its energy policy so that stakeholders can better understand and monitor its progress. Nedbank tracks and reports on environmental impacts, including exposure to thermal coal, oil and gas and power generation. In addition to Nedbank’s energy policy and nature position statement, Nedbank is developing a glidepath with a framework for the net zero transition. Our position statement on climate change and nature addresses related risks and opportunities and provides thought leadership on sustainability issues and financing.
Nedbank also leverages technology and analytical tools that provide essential insights for sustainable financing. The bank’s climate risk tool analyzes how various climate changes will affect the properties it finances. The bank captures data that is not native to existing systems and uses these in combination with existing data to estimate and report loan emissions in line with accounting methodologies.
Nedbank’s Building Efficiency Scale captures the water and energy efficiency of buildings, while its in-house EDGE Certification tool democratizes green building certification and addresses the low number of green certified buildings in South Africa.
standard bank
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Standard Bank has made sustainability a strategic priority and takes an approach that maximizes positive impact while ensuring risk is well managed. The bank focuses on business growth and job creation, infrastructure development, climate change mitigation and adaptation, and financial health and inclusion.
The bank acted as sole arranger and sustainability coordinator for the Industrial Development Corporation’s first R2-billion sustainable bond and R1.4-billion private placement. These bonds are listed on the Sustainability section of the Johannesburg Stock Exchange and are helping to accelerate South Africa’s transition to a more inclusive, low-carbon economy. This bond provides funding for renewable energy projects. Energy efficiency. Sustainable water management. clean transportation. Socio-economic progress. MSME financing. It will also support efforts to decarbonize the electricity grid and grow independent power producers.
Standard Bank has also handed over a R6.1 billion debt package to NOA Group for the design, construction, commissioning and operation of the 505MW Hauta solar photovoltaic (PV) facility in South Africa. This landmark project includes plans to construct a BESS and connect existing substations to the state’s powerful power grid via overhead lines. In addition to reducing carbon emissions, this green project will create jobs during construction and operation.
