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 Powering South Africa’s energy transition through scalable infrastructure solutions Absa Corporate and Investment Banking partnered with Mulilo Energy Holdings on the financing of the 77MW / 308MWh Hartebeesfontein Battery Energy Storage System (BESS) project, acting as Joint Mandated Lead Arranger, Senior Lender, Hedge Provider and Agent Bank. Read more DEALS Empowering sustainable growth, one phase at a time. We successfully supported the syndication of a USD700 million facility for the Ivanplats Phase 2 expansion – one of the country’s largest new mining projects in more than a decade. Read more DEALS Expanding trade finance access across African markets Access to trade finance remains a key enabler of growth across Africa. Read more
