Equity Bank has achieved a remarkable feat, earning the top global spot in climate financing recognition by the International Finance Corporation (IFC). This esteemed recognition comes through the Climate Assessment for Financial Institutions (CAFI) Awards, where Equity Bank took first place in the Climate Reporting category.
Leading by Example:
Out of 258 participating financial institutions worldwide, Equity Bank stands out as the institution with the highest number of transactions dedicated to climate-related projects. This underscores the bank’s dedication to empowering local communities and businesses in adopting solutions that address the challenges of climate change.
A Diverse Range of Solutions:
Equity Bank’s commitment to climate action manifests in a diverse range of initiatives. Their support extends from:
- Micro-loans as low as Sh6,000 for energy-efficient cookstoves in the retail sector, empowering individuals and small businesses.
- Large-scale financing of renewable energy distribution projects, with investments reaching Sh8.54 billion in hydro, geothermal, and wind sources.
Tangible Impact, Lasting Change:
These efforts have yielded significant results, directly contributing to a reduction of 39,917.4 tonnes of CO2 emissions annually. This tangible impact demonstrates the effectiveness of Equity Bank’s approach in building a more sustainable future.
Committed to a Greener Future:
Equity Bank CEO James Mwangi acknowledges the award as a recognition of their efforts in creating a “broader impact and reach for local communities and businesses.” The bank remains steadfast in its commitment to supporting Kenya’s ambitious climate goals, including reducing carbon emissions by 32% by 2030, as outlined in the National Determined Contribution.
A Longstanding Partnership:
Equity Bank’s dedication to climate action is further solidified by its collaboration with the IFC. In 2019, they partnered for a $100 million facility dedicated to financing climate-related projects, showcasing their long-term commitment to building a greener future.