Absa Group, a South African banking group, has set target for net zero emissions by 2050. The company aims to reduce its carbon emissions by 51% by 2030 compared to its baseline year of 2018, with an in-year targeted decrease of 5%. In terms of carbon emissions trends, Absa Group's emissions have shown a fluctuating pattern over the years. In 2022, the company reported total carbon emissions of 177,489 tonnes of carbon dioxide equivalent (CO2e), compared to 188,189 tonnes in 2021, a 5.2% reduction. Scope 1 emissions increased from 12,276 tonnes in 2021 to 15,885 tonnes in 2022, while scope 2 emissions decreased from 159,708 tonnes to 138,157 tonnes during the same period. Scope 3 emissions increased from 16,205 tonnes to 23,447 tonnes.

To achieve its net-zero targets, Absa Group has taken several steps. The company has retrofitted 80% of its operations with energy-efficient LED lighting and plans to install energy-efficient lighting at an additional 125 sites in 2023. It is also exploring possibilities to increase its renewable energy through green power purchases, wheeling power, and investing in solar PV plants for its buildings. Additionally, Absa Group has voluntarily purchased carbon credits to offset its emissions and has purchased renewable energy certificates equivalent to its scope 2 emissions from purchased grid electricity.

Furthermore, Absa Group is actively involved in renewable energy financing. It has financed R23 billion worth of renewable energy projects across various technologies, including solar PV, wind, concentrated solar power, and biomass. The company expects its renewable energy loan book to double by 2026 and aims for renewable energy loans to constitute a higher percentage of its total Group loans and advances by 2030.

In conclusion, Absa Group is committed to achieving its net-zero targets and reducing its carbon emissions. The company has implemented energy-efficient measures, invested in renewable energy, and set ambitious goals for emission reduction. By taking these steps, Absa Group is contributing to the global efforts to combat climate change and transition to a low-carbon economy.

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