Equity Group has released its third annual sustainability report for 2023, under the theme “A Sustainable World is a Transformed Africa.” This theme highlights the crucial role that global sustainability practices play in the transformation of Africa, a mission that Equity Group is leading with determination.
The landmark report underscores Equity’s commitment to socio-economic and environmental transformation across its operations. It details the Group’s integration of Environmental, Social, and Governance (ESG) principles into its business practices, including a new focus on the Task Force for Nature-Related Financial Disclosures, expanding beyond traditional climate risk management.
Equity Group’s Commitment to a Sustainable Future
During the report’s launch, Dr. James Mwangi, Managing Director and CEO of Equity Group, emphasized the Group’s holistic approach to sustainability. “Today, our business model encompasses a tri-engine approach with an economic focus, a social focus, and a nature, and environmental focus, all working to achieve positive impact. We have not only applied our efforts to realizing social impact, but also have a strong focus on environmental and nature stewardship, promoted through an intentional approach to addressing our own footprint and imparting knowledge to de-risk and empower our broader ecosystem. Additionally, we understand that a sustainable future requires mindful consideration of our impact on the planet, and this report demonstrates how Equity is leading the charge in this effort,” he said.
Driving Socio-Economic Prosperity in Africa
Professor Isaac Macharia, Chairman of Equity Group, highlighted the report’s significance in driving sustainable prosperity across Africa. He noted, “As a purpose-led institution, we understand the important role we play both in the economy and society. We strongly believe that deepening sustainability is not just a moral imperative, but also critical for the business’s long-term health, as sustainable institutions are better placed to thrive and create value for all
stakeholders in the long term,”
He also stressed the importance of strategic partnerships, stating, “Our Africa Recovery and Resilience Plan (ARRP) aims to achieve the continent’s long-term transformation. This requires collaboration with Development Finance Institutions (DFIs), global partners, and social institutions, enabling us to deliver sustainable social and commercial outcomes.”
Global Recognition for Sustainability Efforts
The 2023 Sustainability Report reflects Equity Group’s proactive role in societal change, earning global accolades. Brand Finance ranked the Group as the Second Strongest Banking Brand worldwide and the Most Valuable Brand in East and Central Africa. Additionally, the International Finance Corporation (IFC) recognized Equity as the global leader in climate-related transactions among 258 financial institutions. Euromoney also named Equity the Best Bank for Corporate Social Responsibility in Africa for the second consecutive year.
Industry Leaders Acknowledge Equity’s Efforts
Zainab Bangura, UN Under-Secretary-General and Director-General of the United Nations Office in Nairobi, commended Equity for demonstrating that sustainability and profitability can coexist. “Sustainable development requires an integrated approach that considers both environmental concerns as well as social development. The work you do as Equity makes it clear that the role of the private sector in delivering a more sustainable world is key. You are leading the way in showing the world that profitability and sustainability can co-exist,” she remarked.
French Ambassador to Kenya, H.E. Arnaud Suquet, echoed this sentiment, stating, “For us to achieve a sustainable future, we need to rely on all agents of change. Not only the public sector but also the private sector should be heavily involved.”
Equity Group’s Three-Pronged Sustainability Approach
Equity Group’s sustainability strategy is centered on three core components:
- Environmentally Friendly Operations: The Group promotes energy efficiency, water and waste reduction practices across its offices and branches. In 2023, Equity observed fluctuations in energy consumption, with Kenya reducing its energy usage by 9.7%. The Group also tracked waste in Kenya, with paper waste accounting for 72% of the total, which is being recycled through a circularity approach.
- ESG Integration: Equity is committed to continually improving its business practices to align with ESG criteria. This includes offering sustainable finance products, promoting financial inclusion, and maintaining high ethical standards.
- Collaborative Transformation: The Group’s ARRP emphasizes the need for diverse stakeholder participation to achieve long-term transformation in Africa.
Sustainability Initiatives and Achievements
The report highlights Equity’s sustainability efforts across its seven markets: Kenya, Uganda, Tanzania, South Sudan, Rwanda, DRC, and Ethiopia. Key initiatives include:
- Energy Conservation: Equity continues to monitor and reduce energy usage across its operations, contributing to its environmental stewardship goals.
- Waste Management: The Group has implemented initiatives to reduce waste, including digitization, e-waste recycling, and the adoption of glass water bottles over single-use plastics.
- Water Conservation: In 2023, Equity’s total water consumption was 57,235 cubic meters. The Group is committed to sustainable water management across its operations.
- Employee Empowerment: Equity established an Employee Share Ownership Programme, enhancing staff ownership. The Group invested Kshs. 316.5 million in employee training to tackle modern financial challenges.
Equity Group Foundation’s Social Impact
The report also highlights the work of Equity Group Foundation (EGF) across various pillars:
- Education and Leadership Development: The Wings to Fly and Elimu scholarship programs have supported over 60,009 high school scholars and 23,825 university scholars. The Equity Leaders Program (ELP) has sent 891 scholars to global universities, including 199 to Ivy League institutions.
- Healthcare: Equity Afya, the Group’s health initiative, has launched 98 outpatient medical centers in Kenya, managing over 2.1 million patient visits.
- Agriculture: EGF has impacted over 3.8 million small-scale farmers and supported 292,362 MSMEs in agriculture, contributing to job creation and market access.
- Enterprise Development: The Foundation has trained over 2.4 million youth and women in financial education, with Kshs. 275.3 billion disbursed to support MSMEs.
- Climate Action: EGF has planted over 25.2 million trees and distributed 420,243 clean energy products, saving over 539,000 trees.
Conclusion
The 2023 Sustainability Report exemplifies Equity Group’s leadership in promoting sustainability across its operations. Through strategic partnerships, innovative initiatives, and a strong commitment to ESG principles, Equity is driving meaningful change in Africa and setting a global standard for responsible business practices.
For more details, visit Equity Group’s Sustainability Report 2023.
