According to the Kenya Commercial Bank (KCB) 2023 Environmental, Social, and Governance (ESG) and Sustainability Report, the lender has approved Kes 21.4 billion in green loans to support environmentally friendly projects.
In the report released on Tuesday, this represents 15.5 percent of its total loan book,
In 2023, KCB screened a record number of clean credits worth Kes 615 billion.
KCB Group CEO Paul Russo said that the loans went into projects in e-mobility, climate change adaptation and mitigation, energy efficiency, and renewable energy.
“We are proud to announce the release of the first assured report, setting a new standard in ESG reporting in Africa.”
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“This is borne from a belief that by aligning business practices with sustainability principles, financial institutions can drive long-term value creation, enhance their reputation, and mitigate risks associated with environmental and social challenges,” he added.
Further, he revealed that the Group has expanded its focus on the 14 Sustainable Development Goals, including onboarding the bank’s calculation of its financed emissions for 2023, focusing on its primary carbon-intensive sectors to address various global challenges.
“In 2023, we made a bold commitment to address the climate crisis by allocating resources to climate action projects, aiming to create a tangible impact on our environment and communities.”
To reduce its carbon footprint, the bank planted over 300,000 trees across the country in 2023 alone, with a target of reaching 1.2 million trees by the end of 2024.
Further, it achieved an 11.14 percent reduction in carbon footprint intensity per staff member and increased its LED lighting installation by 50 percent to optimize resource usage.
