In a move signifying its commitment to environmental sustainability, ABC Bank has joined the Greening Financial Systems Technical Assistance Programme (GFS TAP) of the European Investment Bank (EIB).
The partnership aims to help ABC Bank enhance its climate risk management framework in line with global standards, including those set by the Central Bank of Kenya
Over the coming months, ABC Bank’s staff from various organizational units will work closely with the technical advisory experts from the EIB and Development Alternatives Inc (DAI) to enhance the Bank’s green financing initiatives.
The collaboration commenced with a workshop attended by ABC Bank’s staff and consultants from DAI, led by Mr. Marjan Stojiljković and Mr. Enrique Rebolledo.
The importance of ABC Bank’s involvement in the GFS TAP and the adequacy of provided technical assistance was emphasized by Mr. Shamaz Savani, ABC Bank’s Group Managing Director, and Ms. Dragana Tanasić, the GFS TAP Programme Manager.
Earlier, on November 8th 2023, the Bank and the EIB signed the Cooperation Agreement in the field of green finance.
Speaking during the launch, Mr Shamaz Savani said joining the Greening Financial Systems Programme of the EIB marks a significant milestone in their journey towards environmental sustainability.
“This collaboration will strengthen ABC Bank’s efforts to integrate climate risks into our risk management framework and align our operations with global standards. With the support of EIB and DAI experts, we are confident that we will enhance our green financing initiatives, creating a more conducive environment for green investments and effectively managing climate risks. We look forward to making meaningful contributions to a healthier environment and a better society for all, thanks to the partnership” he stated.
The initiative is made possible through the EIB’s International Climate Initiative Fund (IKI Fund), on behalf of the German Federal Ministry of Economic Affairs and Climate Action (BMWK). It is a joint contribution by BMWK and the EIB to the work of the NDC Partnership, specifically the ‘Readiness Support for Greening Central Banks’ initiative.
Through the program, ABC Bank staff will receive support to create a conducive environment for green investments, manage climate risks, enhance capacity, and share best practices for increasing the participation of green investments in its portfolio. They will also analyze opportunities for green financing for their clients, contributing to a more sustainable economy.
“Through our tailored support, ABC Bank will enhance its risk management framework and pave the way for a more sustainable economy by promoting green investments. This partnership sets a commendable example for other financial institutions considering green financing and I am confident that our collaboration will yield significant positive outcomes for both ABC Bank and the broader community.” Ms. Dragana Tanasić added.
“This partnership underscores ABC Bank’s commitment to responsible and efficient green financing while aligning with international standards for managing climate-related financial risks, which will contribute to a healthier environment and a better society for all” Shamaz noted.
