This archive report was first published on 25 August 2021.
Kenyan-based KCB Group Plc has made history by winning the prestigious Global Finance Sustainable Finance Award for outstanding leadership in sustainable finance.
According to the Global Finance Magazine, the bank was named the winner of the Outstanding Leadership in Sustainable Loans in Africa category at the inaugural Global Finance Sustainable Finance Awards 2021, held on August 25, 2021.
The award is a testament to the bank's commitment to integrating social and environmental management systems into its operations and lending portfolio, as well as its efforts to mitigate the effects of climate change.
"This highlights our commitment to integrate social and environmental management system into our operations and our book portfolio and the measures we have adopted to mitigate the effect of climate change," said KCB Group Chief Executive Officer and Managing Director Joshua Oigara.
Under Oigara's leadership, KCB has set the benchmark for banks to adapt to meet social, environmental, and financial goals. The bank aims to achieve carbon neutrality by 2050 and has been working towards this goal since 2012.
Since 2012, KCB has incorporated a social and environmental management system (SEMS) into the lending process, integrating environmental and social considerations into decision-making, operations, and investment activities to effectively manage social and environmental risks and impacts and improve outcomes.
As part of its sustainability efforts, the bank screened loans worth KShs.98.1 billion through its environmental and social risk due diligence to ensure minimal negative environmental and social effects from its lending. The bank also financed corporate green projects worth KShs. 16.2 billion and a further KShs.18.8 billion for small and medium enterprises.
The bank continues to champion sustainability by setting targets on green lending and aims to be Net Zero by the year 2050.
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