- The environment pillar received Sh15 billion.
- This was revealed today when the Group unveiled its 2023 Sustainability Report.
Image: HANDOUT
Stanbic Holdings Plc channeled over Sh100 billion to projects, solutions and initiatives that promoted sustainability, MSMEs and trade in Kenya and South Sudan in 2023.
This was revealed today morning when the Group unveiled its 2023 Sustainability Report which details how the Group generated, sustained, and maximized positive impact on the society, environment and economy during the year.
"Tied to its purpose to drive growth in Kenya and South Sudan, we invested in green projects, facilitated trade and investment, developed sustainable finance solutions, improved financial inclusion and empowered the community through health, education and SME initiatives,'' Group MD and CEO Joshua Oigara said.
Under the Environment pillar, the Group supported climate change mitigation and adaptation, which included issuance of $122 million (approximately Sh15 billion) in sustainability-linked loans.
This was in addition to training clients on ESG and recycling 95 percent of waste within the bank.
Under the social pillar, the Group accelerated the growth of small businesses, advanced access to affordable housing and implemented a school feeding programme.
It also provided free cancer screening and enhanced digital literacy across the country.
"These initiatives created jobs, drove income growth, and improved access to quality education and health services."
Under the Governance pillar, the lender strengthened its internal governance framework with diversity and inclusion integrated across the Group.
The bank achieved 38per cent female representation in senior management and at the Board level.
"Sustainability is a core element of our operations. In the past year, we made significant progress in integrating ESG principles into our core operations, which aligns with our goal to build a sustainable future for all,'' Oigara said.
He added that the lender remains committed to making impact in Kenya and South Sudan through sustainable and inclusive solutions.
"In the next three years, our focus will be on sustainable financing that empowers marginalized groups, accelerates socio-economic development and contributes to climate adaptation and mitigation."
The head of sustainability at Stanbic Bank Priscilla Were said that they have embedded sustainability in their strategy and geared processes, solutions and initiatives towards creating shared value for stakeholders.
As of the end of 2023, green/sustainability-linked facilities comprised about 8 percent of the Group’s lending portfolio.
"In 2024, we are focused on expanding our green lending portfolio, entrenching financial inclusion, deepening our climate action, and enhancing our ESG alignment across all business units."
In 2023, the Group scaled its impact initiatives via partnerships with stakeholders in government, the private sector, Development Finance Institutions and civil society.
This included partnerships with USADF and GIZ to drive SME growth and economic empowerment. To date, the Stanbic Foundation has provided concessional loans amounting to Sh119 million.
During the period, the lender disbursed a Sh40 billion loan advanced to small businesses, bolstering their capacity to grow and create jobs.
As part of the event, Stanbic also awarded fourteen winners under the 4th cohort of the United States African Development Foundation (USADF) and Stanbic Kenya Foundation (SKF) Grant Fund, who will cumulatively receive $700,000 (Sh90.3 million).
Stanbic Holdings focuses on four impact areas. They include enterprise growth and job creation, Infrastructure development and the just energy transition.
Others are Climate change mitigation and resilience and Financial inclusion.