This archive report was first published on 30 September 2019.
Published on September 30, 2019, the Nairobi Securities Exchange (NSE) has endorsed the UNEP Finance Initiative, a global partnership that promotes responsible banking practices and supports climate action.
The NSE recognizes the banking sector's key role in fostering economic growth and believes that banks have a unique opportunity to promote sustainability and responsible business practices.
On September 22, the UNEP FI Principles for Responsible Banking were launched at the UN headquarters in New York. The principles provide a framework for the banking industry to align with society's goals and promote sustainable development.
Over 130 banks, collectively holding USD47 trillion in assets, have signed up to the principles, committing to support an inclusive society founded on human dignity, equality, and the sustainable use of natural resources.
The UNEP FI is a UN-private sector collaboration that includes membership of more than 240 finance institutions around the globe. Kenya's KCB Group is one of the founding members of the UNEP FI.
UN Secretary-General António Guterres said, “The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy.”
NSE chief executive Geoffrey Odundo welcomed the initiative, urging all listed banks to commit to the principles for the benefit of the entire ecosystem.
UNEP Executive Director Inger Andersen emphasized that a banking industry that plans for the risks associated with climate change can both drive the transition to low-carbon and climate-resilient economies and also benefit from it.
