Row rect Shape Decorative svg added to bottom DEALS Shared values of sustainability Absa | Corporate and Investment Banking > Insights and Events > Shared values of sustainability SHARE Business success is built on a foundation of high-quality partnerships with an understanding of each other’s strategic goals. Absa Corporate and Investment Banking and the Pick n Pay Group are proud to celebrate the 55th year in their long-standing partnership which delivers societal impact for all stakeholders. Since its inception in 1967, Pick n Pay has grown exponentially, with more than two thousand stores across South Africa, Namibia, Botswana, Zambia, Nigeria, Eswatini, and Lesotho, and an annual turnover of over R100bn. The partnership has expanded to incorporate initiatives such as the Absa Rewards Programme, as well as the management of an Enterprise and Supplier Development (ESD) programme. Pick n Pay aims to be a Net Zero business by 2050, reducing store food waste by 50% by 2030. This ambitious sustainability target will be enabled by, among others making all PnP-branded packaging recyclable or reusable by 2025, reducing energy usage by 45% by 2030 and water usage by 20% by 2025 Absa is proud is commit R1 billion in this landmark sustainability-linked funding package to assist the retailer in implementing Project Ekuseni. This will in addition to contributing to the rejuvenation of the supermarket format and growth, also support the conversion of Pick n Pay’s refrigeration to natural refrigerants, reducing emissions and also lessening food waste. These are all efforts to make the world a better place and align with Absa’s values and ESG ambitions, as well as further solidifying our long-standing relationship with Pick n Pay. Contact us https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Distributed Energy. Powering Africa’s low-carbon leap Absa supports CrossBoundary Energy’s $225 million capital raise, contributing up to $100 million to expand renewable infrastructure, enable the mining of critical transition metals such as copper, and extend energy access across underserved African markets. Read more DEALS Partnering to continue harnessing wind power for a greener future Absa Corporate and Investment Banking (CIB) is proud to have acted as Joint Mandated Lead Arranger, Senior Lender and Hedge Provider for the R5 billion financing of Seriti Green’s 155MW wind project, which will supply clean, reliable power to NOA over the next 25 years. NOA is a leading renewable energy independent power producer and aspirant energy trader owned by the Old Mutual Group through the Africa Infrastructure Investment Managers (AIIM) and the IDEAS Fund. Read more DEALS Reinvesting in energy that keeps Africa moving Absa Corporate and Investment Banking has partnered with Infinity Power (IPH) in a landmark US$372 million refinancing of an existing 368MW Bid Window 3 wind portfolio under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), including the Noupoort Wind Farm, Loeriesfontein 2 Wind Farm and Khobab Wind Farm, located in the Northern Cape. Read more
