KCB has been named the Best Bank in Sustainable Finance by the Kenya Bankers Association (KBA) in the Sustainable Finance Initiative (SFI) Catalyst Awards.
The bank received the award 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 are spearheaded by KBA under its Sustainable Finance Initiative (SFI) Catalyst Awards. The awards recognize 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, and help build a more sustainable future for humanity.
The award comes 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.
To align, the bank has adopted 9 of the global goals, to ensure it creates the most impact to the environment, society, and economy. These are tracked through various key performance indicators that are championed by various businesses within the organization.
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 alone but 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 Groups adopted SDG 13 –Climate Action, we are aware of the effects our operations may have on the environment and life on earth. We are therefore stepping up our 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.
KCB Group has been accelerating sustainable finance not only in Kenya but also across the region, consequently accelerating the transition to a low-carbon resilient.
Currently, the Group has set a target of transitioning 25% of its total loan portfolio to green investments by 2025, as part of its Net Zero ambition.