KCB Group has been named the best bank in sustainable finance by the Kenya Bankers Association (KBA), in recognition of its efforts in creating a more sustainable business enterprise environment through its deliberate socio-economic interventions. The bank also emerged second runners-up in the category of best bank response to Covid-19 pandemic.
The awards, spearheaded by KBA under its Sustainable Finance Initiative (SFI) Catalyst Awards, recognizes financial sector players for their commendable progress in creating long-term value by funding initiatives designed to mitigate the negative impacts of climate change, building a resilience socio-economic environment as well as a more sustainable future for humanity. They have come at a time when institutions are being called upon to embrace sustainable practices by adopting the UN Sustainable Development Goals (SDGs) as a guide to assist in the attainment of reduced global net human-caused emissions of carbon dioxide by about 45 per cent by 2030.
In order to align, the group has adopted nine of the global goals, to ensure it creates a lot of impact to the environment, society and economy. These are tracked through various key performance indicators that are championed by various businesses within the organization. Speaking about this achievement, KCB Group CEO Paul Russo said: “We are privileged and honoured to be the top mover of the sustainability agenda. The win reinforces our commitment to building a brand that is not only focused on profits, but also on the customers and the communities we serve. At KCB, we acknowledge that we are in a decade of action that requires us to fast track our ambitions in achieving sustainable development by 2030.’
In line with the Group’s adopted SDG 13 – climate action, the group is aware of the effects its operations on the environment and life on earth. It is therefore stepping up its climate finance initiatives with strategic partnerships. These have been established through meaningful collaborations with the International Finance Corporation (IFC) and Global Climate Fund (GCF) to finance green economies that will aid in the mitigation and adaptation effects of climate change.
The Group has been accelerating sustainable finance not only in Kenya but also across the region, hence enhancing transition to a low-carbon resilient. Currently, it has set a target of transitioning 25% of its total loan portfolio to green investments by 2025.
