KCB Remits Ksh336b Loans For Environmental Friendly Projects

KCB group has disbursed loans approximately KES 336b for eco friendly projects in their quest to facilitate sustainable finance.

According to the report provided by business daily, KCB grew its green portfolio from 4% of the loan book in 2020 to 8.4% last year, mainly in real estate, transport, manufacturing, renewable energy, and agriculture sectors.

By joining the Net Zero Banking Alliance (NZBA) in April 2021, the lender made a commitment to aligning its loan portfolio with the achievement of net zero carbon emissions by the year 2050, joining other international banks that collectively account for more than 40% of global banking assets.

According to the pledge, the bank will not support initiatives that pose an unabated risk to the environment and to society and that have a significant impact on the frequency and intensity of extreme weather occurrences.

By 2025, KCB claims it will convert one-fourth of its whole loan portfolio to green finance.