The lender came in first in this year’s Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting.
In the ranking, Equity Bank reported the highest number of transactions for climate-related financing among the 258 participating financial institutions globally.
The IFC created CAFI as a tool to enable its clients and partners in 210 countries to report on their financing activities for climate-related projects.
For instance, the bank has supported a total of 47,593 households and businesses in adopting adaptive and mitigating solutions to address the negative impacts of climate change.
The support ranged from climate loan facilities as low as Sh6,000 for purchasing energy-efficient cookstoves in the retail sector to as high as Sh8.54 billion to finance renewable energy distribution from renewable sources, including hydro, geothermal, and wind.These efforts have resulted in an overall reduction of 39,917.4 tonnes of CO2 annually.
“By being recognized as the Bank with the most transactions, Equity is creating a broader impact and reach for local communities and businesses,” Equity Group Managing Director and CEO James Mwangi said.
“The Bank continues to work towards supporting Kenya’s goal of combating climate change by reducing its carbon emissions by 32% by 2030 and building resilience, as outlined in the National Determined Contribution.”In 2019, Equity Bank Kenya entered into a partnership with the IFC for a $100 million facility for onward lending to climate-related projects. Equity matched the IFC facility.
