KCB signs up to African coalition to bolster climate action

The coalition, convened under the UN Global Compact brings together companies across Africa to help drive more initiatives on addressing pressing sustainability issues—such as human rights, labour, environment, and anti-corruption— on the continent, ahead of the United Nations Climate Change Conference (COP 27) gathering in Egypt next month.

The ABLC is a member-driven, action-oriented coalition, which will collaborate with all relevant parties while remaining strictly independent from any political affiliation or agenda.

Part of the commitments includes taking key actions to meet the goals of the Paris Agreement, supporting Africa’s just transition towards a 1.5°C future to build a thriving continent rooted in a resilient, green, and competitive economy with opportunities for the youth and future generations.

The push also includes creating an enabling environment that facilitates increased access to finance and ensures that African businesses can leverage global markets to accelerate the transition to a future fit economy.

“We are now at a point where even critics have given up denying the reality about climate change. Storms, droughts, and rising sea levels are bleak signs of what we are facing. Today, several parts of world have become uninhabitable because of climate change. That’s why we must all act by individually and collectively pushing for a greener economy,” said KCB Group CEO Paul Russo while signing the commitment during the launch of Safaricom’s 2022 Sustainability Report. Safaricom is part of the Coalition.

He added: “KCB is taking the lead role to streamline sustainable finance for climate mitigation and adaptation in the region of operation. This a good time to take stock of what we have done, with a view to building on the past and paving the way for future ambition to effectively tackle climate change. To this result, KCB is making deliberate steps in the area of climate action.”

The Coalition also wants the private sector to set and report on credible emission reduction targets in support of the global Race to Zero.

“We hear the alarming warnings of the scientific community and understand that although Africa has contributed the least to creating the climate crisis, its people, its ecosystems, its economies, and its cultural heritage are among the most vulnerable and least prepared to adapt – largely due to insufficient support from international partners. Climate action is integral to addressing key issues facing Africa, such as food insecurity, forced displacement, water scarcity, and new diseases, all being exacerbated by climate impacts,” said the Coalition in the joint commitment.

This is the latest in a series of global initiatives to which KCB is a signatory, among them the UNEP FI 6 Principles of Responsible Banking, Net Zero Banking Alliance (NZBA), UN Global Compact, Global Reporting Initiative (GRI) and Women Empowerment Principles (WEPs).

“As the region’s largest Bank, KCB is committed to aligning its interests with partner institutions to bolster economic development for the greater good for all,” said Mr Russo.

KCB Group upholds the UN Global Compact's Ten Principles of which the group is a signatory, which are aligned with the Sustainable Development Goals, (SDGs).