Kenya Commercial Bank(KCB) has been named the Best Sustainable Bank in Kenya by the International Business Magazine for its efforts in driving and ensuring the adoption of sustainable and green financial initiatives.
The International Business Magazine, a Dubai-based global magazine recognized the Bank as a trailblazer in the sustainability agenda.
KCB has been at the forefront in championing and mainstreaming the adoption of sustainable financial business models, specifically in areas such as responsible lending and green finance.
KCB Group CEO and Managing Director Joshua Oigara said: “We are alive to the fact that business is no longer just about profits but also transforming the communities around us and taking care of people and the planet.”
The award comes at a time when the World is grappling with the consequences of climate change as a result of disregarding the implications of its effects, with organizations attempting to meet the Sustainable Development Goals (SDGs) as well as the goals of the United Nations’ Paris Climate Change Agreement as a means of addressing climate change concerns.
“Climate change is a global concern and we as leaders, have an overarching responsibility of ensuring a better today and tomorrow. We have taken the lead by integrating and aligning our day-to-day business operations with the SDGs that are all about ensuring long-term business success while contributing towards economic and social development, a healthy environment, and a stable society. We are really proud that our efforts are being recognized globally,” said Mr Oigara.
The bank has continuously assessed and disclosed its green gas emissions related to the Bank’s lending portfolio which includes setting emission targets for customers to address climate change-related risks. It aims to keep its carbon footprint within a 10% reduction trajectory as part of its commitment to be net zero by 2050.
KCB Bank was the first bank in the region to receive accreditation in Kenya by the Green Climate Fund (GCF). The move paves way for the bank to receive GCF funding for on-lending to green and climate-friendly projects in the region.
The bank’s focus on adopting sustainable business models has seen KCB Bank being recognized as the ‘Best Investment Bank” by the Global Finance – World’s Best Bank Awards 2022 as well as the “Most Valuable Banking Brand Kenya 2022” by Brand Finance.