Equity Group Holdings PLC, the parent company of Equity Bank has released its fourth annual Sustainability Report, themed “A Sustainable World is a Transformed Africa.”
The document spotlights the financial giant’s deepening commitment to environmental stewardship and climate action, channeling billions into low-carbon initiatives amid escalating climate threats like severe floods and drought.
At the heart of the report is the Africa Recovery and Resilience Plan (ARRP), Equity’s flagship blueprint for fostering climate-resilient economies.
Aligned with the Paris Agreement, UN Sustainable Development Goals, and the African Union’s Agenda 2063, the ARRP drives investments in climate-smart agriculture, renewable energy, clean cooking technologies, and nature-based solutions.
“Climate change is no longer a distant concern tied to long-term emission goals. Its effects are now more frequent and disruptive,” notes Prof. Isaac Macharia, Chairman of Equity Group. “In 2024, our region experienced severe flooding following a prolonged drought, highlighting the volatility and intensity of climate change.”
The Group’s environmental agenda is woven into its Tri-Engine business model, emphasizing sustainable finance, robust environmental and social risk management, and operational efficiency.
According to the report, the bank disbursed over KES 26 billion in climate-aligned financing in 2024, pushing cumulative sustainable finance to KES 244.3 billion. This capital has empowered farmers with regenerative practices, businesses with solar installations, and households with clean energy alternatives, reaching 466,975 off-grid and peri-urban families.
Through partnerships with the International Finance Corporation (IFC), African Development Bank, and Mastercard, Equity has unlocked blended finance mechanisms like guarantees and insurance to de-risk green projects. The IFC has ranked Equity as Africa’s top financial institution for climate mitigation and adaptation transactions.
On the operational front, Equity is slashing its own footprint. Waste generation in its Kenyan operations dropped 18% to 362 tons, with 46% recycled paper, 31% organic matter, and 23% plastics diverted through digitization and staff training programs.
Cumulative tree-planting efforts hit 35 million, including 5 million new saplings in 2024 across subsidiaries in Uganda, Tanzania, Rwanda, and the Democratic Republic of Congo (DRC).
In South Sudan, the bank’s Juba headquarters now runs on a hybrid solar system generating 300 kWh at peak, ditching diesel generators that once guzzled 270 liters daily and slashing emissions accordingly.
Rwanda’s “Equigreen” e-mobility program transitioned its fleet to electric vehicles, while Tanzania’s Upishi Salama project equipped a secondary school with LPG stoves, halving fuel costs and curbing deforestation for 471 students.
According to the report, the Equity Group Foundation (EGF) has stored over 105 million liters of water cumulatively through harvesting programs, while financing 20 irrigation schemes worth Kshs 502 million to bolster drought-prone farms.
Biodiversity efforts, informed by early adoption of the Taskforce on Nature-related Financial Disclosures (TNFD), include mangrove restoration and a pilot in Kenya’s agriculture sector, mapping risks like soil degradation and pollination loss using tools like ENCORE.
Yet, challenges persist. Equity’s total carbon footprint climbed to 33,200 tons of CO₂e in 2024 largely due to business growth in high-emission markets like DRC. Intensity per staff rose to 2.54 tons CO₂e from 1.7 the prior year.
The report says that its subsidiaries are aligning with local mandates, like Kenya’s Green Finance Taxonomy and Rwanda’s Vision 2050 green growth.
