In a groundbreaking move towards sustainable financing, Standard Bank Personal and Private Banking has announced a substantial increase in its green solution funding, leading efforts to disburse funds for solar installations and ‘green-aligned’ home purchases in South Africa.
Year to date, the bank’s consumer green lending book has surged by over 26%, reaching an impressive R2.9 billion. With confidence in its initiatives, the bank is on track to meet its 2023 target of providing R1.2 billion in financing for these environmentally focused initiatives.
Through innovative platforms like the bank’s LookSee, over 5,600 solar panels have been installed on homes, offsetting more than 600 tons of CO2. The platform has facilitated over R70 million worth of home solar system installations, marking a remarkable 350% year-on-year growth.
The bank’s commitment to energy efficiency extends to home loan re-advances, resulting in substantial energy cost savings of almost R19 million annually for South African homeowners. Andrew van der Hoven, Head of Digital, eCommerce, and Housing Platforms at Standard Bank, expressed pride in leading the charge towards sustainable solutions that not only cater to clients’ energy needs but also contribute to national grid relief and promote energy efficiency.
Earlier this year, Standard Bank took the lead in participating in the government-supported bounce-back energy loan scheme, introducing the LookSee Solar Loan. This pioneering initiative offers personalized interest rates capped at a maximum of Prime plus 2.5%, with loan amounts ranging from R3,000 to R300,000 and flexible repayment terms of 1 to 5 years.
The bank’s outstanding efforts and innovative platform earned it the silver at the global Qorus-Accenture Banking Innovation Awards in the Social, Sustainable, and Responsible Banking Category, making it the sole African bank to receive such prestigious recognition. Andrew van der Hoven affirms the bank’s commitment to driving this impactful work, aiming to address clients’ daily challenges and contribute to the betterment of South Africa.
