Stanbic Bank Uganda Honored for Pioneering Environmental Sustainability Initiatives

Stanbic Bank Uganda Limited has been recognized by the National Environment Management Authority (NEMA) for its proactive efforts in promoting environmental protection and preservation through the adoption of innovative technologies and the implementation of afforestation initiatives.

This accolade was presented during the National Sustainability Awards 2024 at the Sheraton Kampala Hotel, held under the theme ‘Promoting Innovative Technologies for Environmental Conservation’.

As the country’s largest financial institution, Stanbic Bank was commended 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 environmental protection and conservation, aligning with Stanbic Bank’s purpose, ‘Uganda is our home, we drive her growth’.

“We are thrilled to receive this recognition from NEMA, as it validates our dedication to being responsible corporate 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 mentioned that Stanbic Bank 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 society and the livelihoods of Ugandans.

“Stanbic is committed to reducing its environmental impact through the efficient use of energy and other resources. We strive to continually improve the bank’s operational impact by analyzing environmental indicators covering energy, emissions, waste, water consumption, biodiversity, and energy efficiency,” she said.

Other initiatives include providing green financing to Ugandan green businesses, implementing plastic recycling programs, and improving water and waste management, along with other programs aligned with national climate policy objectives.

Presenting the award, Dr. Barirega Akankwasah, the NEMA Executive Director, praised companies like Stanbic Bank for 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 highlighted that Stanbic Bank had installed the advanced MYQ printing software to automatically limit waste.

“We are pleased to announce that our total paper consumption reduced by 39.6% in 2023. This reduction is attributed to initiatives adopted in the drive for paperless banking, such as the introduction of digital engagements like Teams for meetings, the digitization of some customer transaction processes, and the introduction of password-enabled printing that tracks printing volumes per user,” she said.

In partnership with Century Bottling Company, a total of 1,244 kilogrammes of single-use plastic bottles were collected in 2023 alone.

Adengo also stated that 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 the 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 decarbonize, we are also creating greater access to affordable clean energy for businesses and communities. In 2023 alone, Stanbic Bank provided financing worth UGX 14 billion to boost green businesses in Uganda.”