Stanbic has affirmed commitment towards ensuring a just transition for clients and the community through financing solutions that enable climate adaptation and mitigation in a sustainable and inclusive way. This is in addition to capacity building, partnerships and grants for key initiatives in education, health and entrepreneurship.
‘’We continue to center our strategic priorities on growth drivers that are sustainable and beneficial for our people, clients and the entire environmental ecosystem. Through sustainable financing and strategic partnerships, we continue to implement market specific solutions that drive inclusion, social, economic growth and environmental (SEE) stewardship,” said Joshua Oigara, Chief Executive Stanbic Kenya and South Sudan.
As part of its sustainability aspirations, Stanbic has identified some key impact areas and set goals for the next 3 years, with green financing representing 10 per cent of total book by December 2023, ensuring 30 per cent of procurement spend is allocated to marginalized groups (women, youth, SMEs) by 2025 and setting up a climate risk framework place by August 2023.
“Aligned to our purpose to drive growth in Kenya and South Sudan, we are equipped to contribute to several sustainable development goals (SDG) priorities through funding, capacity building and innovation. Climate change remains a key focus area and we will continue to work with our stakeholders to support green projects and the blue economy,” William Khamasi, Stanbic Head of Sustainability said.
In the 2022 Sustainability Report, Stanbic Holdings details how the Group, and its subsidiaries is approaching sustainability and highlights progress and performance for the financial year 2022 in Kenya and South Sudan. The sustainability projects focus on the three ESG pillars: social, economic and environmental. Implemented through the bank, its subsidiaries and the Stanbic Foundation, the Bank continued to drive sustainable development across its major impact areas: Financial Inclusion, Job creation & enterprise development, Sustainable Finance and Climate Change, Infrastructure, Trade & investment, Education and Health.
“To measure and disclose climate-related risks and opportunities, Stanbic has adopted a metrics methodology that aligns with industry best practices and incorporates the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD),” Khamasi added.