NCBA Group says it is committing over 30 billion shillings of green and sustainable financing to its customers to accelerate their transition to a low-carbon operating model.
This is part of the company’s sustainability strategy, which aims to catalyze action towards a greener and more sustainable future for the communities it serves, its stakeholders, and the business itself.
Speaking during the unveil, NCBA Group Managing Director John Gachora noted that the bold commitment will catalyze 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 license to operate comes from the communities we serve,” he said.
“Our enhanced and bolder commitments recognize that climate change is a significant and pressing challenge not only globally but also locally… one only has to observe the effects the drought has had on the country’s economy to appreciate the urgency in taking action.”
The strategy is based on five pillars: minimizing direct impacts on the climate, igniting customers’ transition to a low-carbon operating model, mitigating the impact of climate-related risks on long-term performance, enhancing the effect of community engagement, and optimizing corporate governance.
— NCBA Bank (@NCBABankKenya) August 25, 2023
Under the first pillar, NCBA has made three commitments: to plant 10 million trees across the region by 2030.
Secondly, to fully eliminate single-use plastics and recycle 70% of its waste by 2030, and to green its supply chain and transform all its current gifts to be sustainable.
Under the second pillar, NCBA has committed to mobilizing over 30 billion shillings of green and sustainable financing to its customers to accelerate their transition to a low-carbon operating model.
The group will also invest in deploying electric vehicle charging stations across the region and develop a knowledge platform to inspire the capacity department towards this change.
Under the third pillar, NCBA has committed to undertaking a complete carbon audit this year and reducing its financial emissions by 2030 in line with the 2015 Paris Agreement.
In addition, it will also assess climate-related risks in its lending, investment, and financing activities.
Under the fourth pillar, NCBA will invest in training its over 3000 staff to make a difference through the “Change the Story” program.
As a result, it will also deploy 100 million pilots to support communities in which it operates and champion inclusive communities through regional sports development.
Mr. Gachora said, “Beyond the climate change agenda, the Group has committed to steering at least 30% 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 signed up to the UN Global Compact and will report annually on its progress towards these commitments.
By joining the UN Global Compact, NCBA Group has publicly committed to adhere to the organisation’s Ten Principles, the UN Sustainable Development Goals (SDGs) and to communicate its progress annually.