Absa is in the process of building a carbon trading capability that it expects to launch later this year to help clients offset their emissions and develop incentives to reduce their pollution over time.
SA's fourth-largest lender by market value will offer the service to clients through its global markets team, which is housed within its corporate and investment banking unit. Carbon credits allow companies to purchase the right to emit a specific unit of carbon from regulators, while carbon offsets enable them to purchase units from companies that have reduced their emissions.
"As a firm we are building out that capability in our global markets team to start to be able to offer that product or service to our clients," Msizi Khoza, head of ESG at Absa CIB, said at a sustainable finance roundtable hosted by the bank on Wednesday.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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