KCB Group has been recognized for outstanding leadership in sustainable finance by the Global Finance Magazine.
The Bank was named the winner of the Outstanding Leadership in Sustainable Loans in Africa category, during the inaugural Global Finance Sustainable Finance Awards 2021.
This is one of the most prestigious award programs designed to recognize initiatives designed to mitigate the negative impacts of climate change and help build a more sustainable future for humanity.
“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 CEO and MD Joshua Oigara.
“For over a decade, we have set the benchmark on how banks can adapt to meet social, environmental, and financial goals, we will continue to improve our practices and support our clients and suppliers in their climate transition, to achieve carbon neutrality by 2050,’’ Oigara said.
Since 2012, KCB has incorporated a social and environmental management system (SEMS) into the lending process. This involves integrating environmental and social considerations into decision-making, operations, and investment activities to effectively manage social and environmental risks and impacts and improve outcomes.
Last year, 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.
During the period, the Bank financed corporate green projects worth Kshs 16.2 billion and a further Kshs 18.8 billion for small and medium enterprises. This is in line with the bank’s commitment towards climate action under SDG-13.
The Bank continues to champion sustainability by setting targets on green lending. The Bank has a target to be Net Zero by the year 2050