By Shadrack Nyakoe
KCB Bank has been named the ‘Best Bank in Sustainable Finance in Kenya 2022’ in recognition of its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions.
The award announced by Global Finance recognizes global, regional, and local leadership in Sustainable Finance – funding for initiatives designed to mitigate the negative impacts of climate change, build resilience, and help build a more sustainable future for humanity.
The award comes at a time when there are calls for institutions to embrace sustainable practices through adopting the UN Sustainable Development Goals as a guide to assist in the attainment of reduced global net human-caused emissions of carbon dioxide by about 45 percent from 2010 levels by 2030, reaching net zero around 2050
Speaking about this achievement, KCB Group CEO Paul Russo said: “We are privileged 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 the heart of our operations is the need to be able to optimize our operations to create more efficient, sustainable industries that are considered the brands of the future.”
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% of its total loan portfolio to green investments by 2025, as part of its Net Zero ambition.
On his part, Global Finance Publisher and Editorial Director Joseph Giarraputo, said, “The pandemic and energy-sector disruptions have heightened awareness on climate change risks, while technological innovations present new possibilities and offer new solutions to mitigate damage and build a sustainable future for all”.
In 2021, KCB Group received a series of global accolades that recognizes the bank’s efforts in sustainable business. KCB was feted as the Best Sustainable Bank in Kenya by the International Business Magazine for its efforts in driving and ensuring the adoption of sustainable and green financing initiatives, Best Sustainable Bank by International Business Magazine, Best Retail Bank, and Most Valuable Banking Brand by Finance Derivative, as well as the Most Valuable Banking Brand by Brand Finance.