National Commercial Bank of Africa (NCBA) Group has committed to mobilising Sh30 billion for green and sustainable financing by 2030.
The commitment sets the stage for NCBA in preparation for Africa Climate Week (ACW) 2023, slated for September 4-8 in Nairobi.
In a press release Friday after the unveiling, Group Managing Director John Gachora said they have identified sustainability as one of their priorities and has set 15 ambitious commitments by 2023.
Notably, they want to grow 10 million trees through strategic partnerships with private actors and government, fully eliminate single-use plastic, ensure 100 percent waste recycling, green its supply chain and invest significantly in deploying EV charging stations across the region.
The Group Managing Director noted that the bold commitment will catalyse the group’s action towards a greener and more sustainable future.
‘Sustainability is not a new concept to the NCBA group; as a brand, we have always lived by the premise that our licence to operate comes from the communities we serve. Our enhanced and bolder commitments recognise that climate change is a significant and pressing challenge not only globally but also locally and one only has to observe the effects the drought has had on the country’s economy to appreciate the urgency of taking action, he said.
To begin, Gachora said that the bank will complete a group-wide carbon audit this year and has set a 50 percent reduction target in its direct emissions by 2030.
This target, he noted, will be complemented by commitments to reduce its financed emissions to align with the 2015 Paris Agreement.
The group recognises that catalysing change begins with empowering the public and its customers with knowledge on how to take action. As such, the group has committed to investing in building a ‘Change the Story’ knowledge digital platform and mobilising the bank’s over 3,000 strong staff to drive the initiative in their respective communities.
The group will drive community engagement by deploying over Sh100 million annually to support this initiative.
Gachora said, ‘Beyond the climate change agenda, the Group has committed to steering at least 30 percent of its general services procurement spend to women and youth to further promote diversity and inclusion at all levels of its operations.’
To demonstrate its commitment and objective to be held accountable by the public, the group today signed up to the UN Global Compact and will report annually on its progress towards these commitments.
Gachora stated, ‘I urge all of us to take up the call of Changing the Story and recognise that a sustainable future starts by doing good today.’
NCBA Group is a full-service banking group providing a broad range of financial products and services to corporate, institutional, SME and consumer banking customers. It operates a network of more than 100 branches in five countries, including Kenya, Uganda, Tanzania, Rwanda and Ivory Coast.
Source: Kenya News Agency