Equity Group has unveiled its third annual sustainability report for the year 2023, themed “A sustainable world is a transformed Africa.” The theme emphasizes the crucial impact that global sustainability practices can have on transforming Africa, a challenge that Equity Group has committed to actively pursue.
Speaking at the unveiling ceremony held today, Equity Group Managing Director and CEO, Dr. James Mwangi, highlighted the Group’s commitment to sustainability through its unique tri-engine business model.
“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. 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.” Dr. Mwangi said.
Professor Isaac Macharia, Chairman of Equity Group, reinforced the significance of the sustainability report in providing a clear vision for the Group’s role as a catalyst for sustainable socio-economic prosperity in Africa.
“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 long-term health of the business, as sustainable institutions are better placed to thrive and create value for all stakeholders in the long term,” stated Professor Macharia.
He also highlighted the importance of strategic partnerships in realizing the Group’s vision, noting that, “Our strategic ambition envisioned in the Group’s Africa Recovery and Resilience Plan (ARRP), which aims to achieve long-term transformation of the continent, requires the support and participation of diverse stakeholders. These valuable strategic partnerships with Development Finance Institutions (DFIs), global implementation partners and social institutions have enabled us to deliver a wide variety of social and commercial outcomes with sustainable results.”
Zainab Bangura, the UN Under-Secretary-General and Director-General of the United Nations Office in Nairobi, commended Equity for exemplifying how businesses can prioritize sustainability while achieving profitability. “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 said.
French Ambassador to Kenya, H.E. Arnaud Suquet, echoed these sentiments, 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.”
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Equity Group’s sustainability strategy is built on three main pillars. First, the promotion of environmentally friendly business operations, including energy and resource efficiency, and water and waste reduction practices in its offices and branches.
Second, a commitment to continuously improving its business approach and market offerings to ensure they reflect best practices for Environmental, Social, and Governance (ESG) criteria. This includes offering sustainable finance, credit, and investment products, as well as continuing its long-standing practice of promoting financial inclusion, maintaining stringent ethical standards, and being a responsible employer.
Third, the recognition that deepening sustainability cannot be achieved by any single institution, hence the Group’s focus on collaborative partnerships through its Africa Recovery and Resilience Plan (ARRP).
The 2023 Sustainability Report epitomizes Equity Group’s proactive approach to driving positive change in society, which continues to attract global accolades. Notably, Brand Finance has ranked Equity bank as the second strongest banking brand in the world and the most valuable brand in East and Central Africa.
Additionally, the International Finance Corporation (IFC) recognized Equity Group as the global leader with the highest number of climate-related transactions among 258 financial institutions worldwide. Furthermore, Euromoney honored Equity Group as the Best Bank for Corporate Social Responsibility in Africa for the second consecutive year.