Published on November 22, 2024 by Agencies for Kenya Online News
Last Updated on 1 year by Agencies for Kenya Online News
KCB has received the second-best overall award in Kenya at the 2024 Kenya Bankers Association (KBA) Sustainable Finance Awards, having received five prestigious awards out of the nine award categories from the Kenya Bankers Association (KBA) during their annual Sustainable Finance Awards.
The bank was recognised for its outstanding contributions to sustainability and inclusivity, taking first place in Promoting PwD Accessibility, Best in Sustainable Finance, and Promoting Gender Inclusivity while also achieving second place in both the Best Overall Award and Financing Commercial Clients.
This announcement was made during the inaugural Banking Industry Sustainable Finance Summit & 2024 Catalyst Awards, by the KBA in Nairobi. The event brought together key stakeholders to explore the role of sustainable finance in shaping the future of Kenya’s economy.
“We are incredibly proud of these awards, which underscore our ongoing commitment to embedding sustainability and inclusivity in every facet of our operations,” stated Paul Russo, KCB Group CEO. “At KCB, we are dedicated to responsible finance and to creating lasting value that benefits our communities, environment, and economy. These accolades are a testament to the collective efforts of our entire team towards a sustainable future.”
Since 2016, the KBA Sustainable Finance Initiative has been honouring organisations that lead in sustainable practices. These awards highlight companies that incorporate Environmental, Social, and Governance (ESG) factors into their operations, promoting responsible financial practices and fostering sustainable economic growth.
“Congratulations to KCB for its remarkable achievements at the 2024 Sustainable Finance Awards,” stated Raimond Molenje, Ag. CEO of KBA. “KCB’s success showcases the bank’s enduring commitment to sustainability, gender inclusivity, and responsible financial practices. These awards emphasise the crucial role that Kenya’s banking sector plays in advancing sustainable development.”
KCB’s dedication to sustainable finance is evident through its comprehensive Environmental and Social Due Diligence (ESDD) framework, which has evaluated KShs. 1.1 trillion since its launch. This framework ensures that the bank’s lending choices adhere to sustainable and responsible standards, focusing on both social impact and climate resilience. Currently, KCB’s green loans portfolio amounts to KShs. 34.7 billion, representing 19.34% of its total portfolio, with a goal of reaching 25% by 2025.
The bank’s commitment to inclusivity is also reflected in initiatives like the Female-Led and Made Enterprise (FLME) program, which has provided KShs. 115 billion to women- owned businesses, empowering over 700,000 entrepreneurs and positively impacting millions. Additionally, KCB dedicates 10% of its tenders to Special Interest Groups (SIGs), further enhancing diversity and opportunity.
Beyond its initiatives in gender equality and climate action, KCB received approval from the Green Climate Fund $540,000 (KShs 69 million) to support grant project preparation activities. This funding is part of a larger project valued at $118.25 million (KShs. 15.3 billion), which is set to be submitted to the GCF in 2025. The initiative aims to benefit over 2.7 million direct beneficiaries. These efforts highlight KCB’s alignment with the UN Sustainable Development Goals (SDGs), particularly SDGs 12 (Responsible Consumption and Production) and 13 (Climate Action).
The recognition at the KBA Sustainable Finance Awards highlights KCB’s role as a leader in sustainable finance. It demonstrates the bank’s commitment to embedding sustainability into its fundamental operations and supporting Kenya’s green and inclusive future.
