The development was discussed on Africa in Business, where author and business commentator Victor Kgomotswana outlined key business updates from across the continent.

Kgomotswana, who is also the Executive Director for Marketing and Communications at the University of Limpopo, described the bank’s performance as exceptional. He noted that Standard Chartered, which has operated in Africa for close to 170 years, recorded a 132% rise in sustainable income. This growth reflects a shift in business practices, where environmental responsibility and social impact are becoming integral to financial success.

“Businesses are now expected to go beyond profits,” said Kgomotswana. “Standard Chartered has not only reduced its carbon emissions by more than half, but also cut its energy consumption by 79%. These results show it is possible to grow financially while making a positive impact on the environment and society.”

The bank has prioritised financing projects that promote lower carbon emissions and is actively supporting women-led enterprises and youth-owned businesses through its Futuremakers initiative, which focuses on youth development and empowerment.

Attention also turned to Mozambique, where the long-delayed liquefied natural gas (LNG) project in Cabo Delgado Province is now set to resume. TotalEnergies, the French energy company behind the $20 billion project, confirmed plans to restart operations after talks with President Daniel Chapo of Mozambique.

The LNG project, one of Africa’s largest energy investments, had been on hold since 2021 due to insurgent attacks in the region. Kgomotswana pointed out that the improved security situation, supported by regional efforts including troops from Rwanda, has paved the way for the project’s revival.

“The project has attracted major financial backing, including loans from the United States Export-Import Bank and other international lenders. With job creation prospects and significant investment secured, Mozambique is eager to get the project off the ground,” Kgomotswana said.

In addition to these key developments, Kgomotswana also highlighted progress in other parts of Africa. Tanzania is accelerating its transition to a digital economy as internet usage rises, while Côte d’Ivoire successfully issued its first Samurai bond, raising $336 million at a favourable 2.3% interest rate.

These developments, according to Kgomotswana, demonstrate Africa’s evolving business landscape, where sustainability, digital innovation, and strategic investments are shaping the future of economic growth.

--ChannelAfrica--