Equity Group through its CSR arm, Equity Group Foundation (EGF), has planted 19 million trees in a bid to conserve the environment. The aim is also to help tackle the adverse effects of climate change across the country.
The company has set an ambitious target of planting 35 million trees through partnerships with institutions and individuals. Majority of the trees planted are fruit and medicinal trees for commercial value aimed at improving the lives of local communities and farmers.
While speaking about the initiative during the announcement of the Half Year 2022 financial results, Equity Group CEO Dr James Mwangi urged Kenyans to join in the tree planting initiatives and to refrain from cutting trees for fuel. EGF has financed and distributed clean energy products benefitting over 350,380 households, 150 top schools across Kenya. It hopes to impact 1000 schools by end of the year.
The Bank also created the world’s first energy loan dubbed Eco Moto Loan available digitally via mobile network, Equitel.
Tree planting is also one of the most effective ways to mitigate the effects of climate change. A single mature tree can remove upwards of 25kgs of harmful greenhouse gases out of the atmosphere. Equity has other initiatives in the Energy and Environment space ongoing that have seen it plant more than 1 million trees in the Mau Water Tower.
The initiative is part of Kenya’s aim to plant 1.8 billion trees and achieve more than 10% forest cover in the country. Kenya continues to suffer severe deforestation mainly from various illegal activities such as unlicensed timber harvesting and charcoal production. After the perpetrators were removed by the Kenya Forest Service, the degraded lands never regenerated.