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30 Aug 2021

Edward Mungai, Business Daily (Kenya)

Kenya: Banks urged to embed climate change sustainability efforts in their operations

"How sustainability in banks will address climate change woes"

Climate change, diminishing resources, partners pressure and population growth continue to emerge as business challenges as well as opportunities. Investors, employees and other stakeholders are increasingly demanding to understand and control both positive and negative impacts on environmental and social aspects of companies activities. At the same time, policy and regulatory environments are evolving quickly to incorporate sustainability related requirements and constraints that affect public and private players – including banks...

The banking sector plays different roles in financing economic activity, with varying effects on contributing to climate problems and solutions. Banks, therefore, need to pay close attention to climate change agenda for two basic reasons; The most fundamental one is to comprehend and manage their contribution to low-carbon economy and secondly, to further manage climate change related risks in their portfolios. As banks endeavour to map out the opportunities as well as the risks, it is critical that they have a robust reporting mechanism.