KCB feted for scaling efforts in sustainable finance
KCB has been recognized as the Best Bank in Sustainable Finance by the Kenya Bankers Association (KBA) for its efforts in enabling a more sustainable business enterprise environment through purposeful socioeconomic interventions.
The lender also clinched the third position in the category of Best Bank Response to the Covid-19 pandemic.
The awards spearheaded by KBA under its Sustainable Finance Initiative (SFI) Catalyst Awards honours financial institutions for their progress achieved in creating sustainable value by funding initiatives designed to mitigate the negative impacts of climate change, building a resilience socio-economic environment, and helping build a more sustainable future for humanity.
The recognition comes at a time when corporates are increasingly shoring up support for sustainable practices by taking up the Sustainable Development Goals (SDGs) as a stepping stone in the attainment of reduced global carbon emissions by 45 percent by 2030.
“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,” said KCB Group CEO Paul Russo.
Mr Russo was alive to the potential environmental effects of business operations in line with the Group’s adopted SDG13 and pledged more funding to the Group’s climate finance initiatives with strategic partnerships.
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 economy. Currently, the Group has set a target of transitioning 25 percent of its total loan portfolio to green investments by 2025, as part of its Net Zero ambition.