Standard Bank recognized for leading in Sustainable Finance

By Antynet Ford

Standard Bank recently won recognition for being the leading bank in Sustainable Finance from the African Banker.

The African Banker Awards have entered their 18th year. They celebrate the achievements of individuals and institutions that have contributed significantly to growing and developing Africa’s financial services sector.

This year’s nominees were selected from a record number of entries drawn from across the continent. Standard Bank beat five leading financial institution competitors to win the prestigious honour.

The Sustainability Award goes to an African bank which has demonstrated a sustainable agenda by creating environmental, social and financial value across its operations while deploying an impactful and holistic approach to ESG issues across the bank’s operations and respective geographies.

“This award reflects our ongoing dedication to promoting sustainable financing that combines economic growth with environmental responsibility. Our focus on green financing is driving positive change and ensuring a sustainable future for generations to come. In 2023, we issued USD 122M (around KES 19 billion) for green or sustainability linked facilities ” said Alakh Kohli, Head of Corporate and Investment Banking, Stanbic Bank Kenya.

Standard Bank has committed to achieving a net zero portfolio by 2050, has set climate targets in carbon-intensive sectors, and has pledged more than R250 billion (approximately KES 2.1 trillion) to sustainable finance by the end of 2026.

This year’s awards ceremony, held in Nairobi, saw a focus on the development of financial institutions, with widespread success in both institutional and individual categories, and representing the increased growth they enjoy in the African financial ecosystem.