Equity Emphasizes Climate Action in Sustainability Report 2023

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Equity Group has disbursed over Kshs. 24 billion towards climate finance, covering energy efficiency, renewable energy, and climate-smart agriculture. This was revealed during the group’s third annual sustainability report for 2023, under the theme “A Sustainable World is a Transformed Africa.”

Speaking during the unveiling event held today, Equity Group Managing Director and CEO, Dr. James Mwangi, emphasized the importance of mindful consideration of the bank’s impact on the planet, noting that the report demonstrates Equity’s leadership in this effort.

“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.” Dr. Mwangi stated.

“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 added

The Group’s efforts have led to the installation of over 105 million liters of water storage, significantly impacting the lives of more than 20,000 households.

The Equity Group Foundation has further planted over 25.2 million trees and distributed more than 420,243 clean energy products to institutions and households, thereby saving over 539,000 trees.

Equity Group has also made significant strides in economic empowerment, particularly through its Employee Share Ownership Programme. The program, established with 198,614,463 ordinary shares at Kshs. 0.5 each, represents 5% of the Company’s share capital and was approved by shareholders. Additionally in 2023, the Group invested over Kshs. 316.5 million in employee training.

Equity Group has also leveraged technology to enhance financial inclusion. The Group facilitated over Kshs. 11.72 billion in digital transactions, Kshs. 240.7 billion under mobile and internet banking, and 28.17 billion transactions through its agency banking network. These efforts have brought financial services to customers who were previously underbanked.

Furthermore, Equity Group’s Wings to Fly and Elimu has provided comprehensive high school scholarships to 60,009 scholars. The Equity Leaders Program (ELP) has also supported 23,825 university scholars, with 891 scholars attending global universities, including 199 at Ivy League institutions.

Read: Equity Group Unveils 2023 Sustainability Report

In the healthcare sector, Equity Afya launched 98 outpatient medical centers across Kenya by the end of 2023. These centers have managed over 2.1 million patient visits, with plans for further expansion into the Democratic Republic of Congo (DRC).

Equity Group Foundation’s efforts in agriculture have also borne fruit, with over 3.8 million small-scale farmers benefiting from its Food and Agriculture pillar. The Foundation has supported over 292,362 Micro, Small, and Medium Enterprises (MSMEs) in the agriculture sector through technology, training, access to markets, and finance.

In 2023 alone, the Foundation trained over 186,077 farmers and 18,030 MSMEs, equipping them with the knowledge and resources needed to thrive. The Equity Group Foundation also trained over 2.4 million individuals in financial education in 2023 in its ongoing efforts to empower youth and women.

Additionally, 517,246 MSMEs received entrepreneurship training, with over Kshs. 275.3 billion disbursed to support trained youth, women, and MSMEs.

Equity Group has also extended its reach through social assistance programs, impacting 5.4 million individuals with cash transfers, fee waivers, subsidies, and social pensions aimed at vulnerable and marginalized populations. Cumulatively, Kshs. 138.39 billion has been disbursed through these programs, providing much-needed support to those in need.

In 2023, Equity Group observed fluctuations in grid-based energy consumption across its operational regions. Rwanda and the Democratic Republic of Congo (DRC) experienced a slight increase in energy consumption, with Rwanda’s energy use rising by 0.4% and the DRC seeing a more significant increase of 13.1%. Conversely, Kenya made strides in reducing its energy consumption by 9.7%.

On energy intensity per staff, the highest consumption figures were recorded in the DRC, with an average of 4,307 kWh per staff member. However, this also marked an improvement, as the DRC saw a 7% reduction in energy intensity compared to 2022.

Rwanda, while having the highest overall energy intensity at 1,679 kWh per staff, achieved a notable decrease of 15%. Kenya followed closely, with electricity consumption at 1,482 kWh per staff, which represents a 6% reduction from the previous year.