Stanbic Bank Uganda Limited has been recognized by the National Environment Management Authority (NEMA) for its proactive efforts to promote environmental protection and preservation through the adoption of innovative technologies and the implementation of afforestation initiatives.
This was during the National Sustainability Awards 2024 at the Sheraton Kampala Hotel, held under the theme ‘Promoting Innovative Technologies for Environmental Conservation’.
The country’s biggest financial institution was hailed for its innovative approaches to reducing its environmental footprint and promoting eco-friendly practices.
Speaking on behalf of the bank, Cathy Adengo, the Head of Sustainability expressed gratitude for the recognition and reaffirmed the bank’s commitment to protect and conserve the environment because it aligns with Stanbic Bank’s purpose, ‘Uganda is our home, we drive her growth’.
“We are thrilled to receive this recognition from NEMA because it validates our dedication to being corporate responsible citizens. We will continue to prioritize environmental sustainability and inspire others to join us in making a positive impact on our planet,” she said.
She said Stanbic has partnered with the Government through the Ministry of Water and Environment and the National Environment Authority as well as the private sector to understand the implications of climate change on our society and the livelihoods of Uganda.
“Stanbic has committed to reducing the environmental impact through the way we use energy plus other resources and strive to continually improve the bank’s operational impact through analyzing the environmental indicators covering energy, emissions, waste, water consumption, biodiversity, and energy efficiency,” she said.
Other initiatives include the provision of green financing to Ugandan green businesses, plastic recycling programmes, and water and waste management, together with other programmes aligned with the national climate policy objectives.
Presenting the award, Dr. Barirega Akankwasah, the NEMA Executive Director, said companies like Stanbic Bank have clearly exhibited their commitment to mitigating the impact of climate change.
He said, “We want to encourage other companies to borrow a leaf from Stanbic; and invest in pollution control technologies that minimize harm to the environment.”
Adengo said Stanbic had installed the advanced MYQ printing software to automatically limit waste.
“We are glad to announce our total paper consumption reduced by 39.6% in 2023. The reduction is attributed to initiatives adopted in the drive for paperless banking such as the introduction of digital engagements like Teams for meetings, some customer transaction processes which were digitized and introduction of password-enabled printing that enables tracking of printing volumes per user,” she said.
Through a partnership with Century Bottling Company, a total of 1,244 kilogrammes of single-use plastic bottles were also collected in 2023 alone.
Adengo said the bank is currently supporting and providing financing for green businesses that are creating innovative solutions to tackle climate change and adopt interventions that promote sustainable growth of Uganda’s economy.
She said, “As we pursue a greener, healthier, and more sustainable future, renewable energy remains fundamental to the energy mix that will enable a just transition. As we de-carbonise, we are also creating greater access to affordable clean energy for businesses and communities. If you look at 2023 alone, Stanbic Bank provided financing worth UGX 14 billion to boost green businesses in Uganda.”
Stanbic is committed to reducing the environmental impact in the way it uses energy plus other resources and strives to continually improve the bank’s operational impact by analyzing the environmental indicators covering energy, emissions, waste, water consumption, biodiversity, and energy efficiency.