Stanbic Bank has once again been recognized for its outstanding commitment to environmental sustainability in Uganda after receiving the prestigious National Environment Management Authority (NEMA) Sustainability Award, financial institutions category.
Organized by NEMA, the awards acknowledge and reward organizations and individuals implementing innovative and impactful environmental initiatives.
This year’s ceremony was held at the Sheraton Hotel in Kampala, under the theme: ‘Fostering Cleaner Production to Advance Sustainable Development in Uganda’.
On behalf of the bank, Catherine Adengo, Head of Sustainability, and Diana Ondoga, Head of Corporate Social Investment (CSI), jointly accepted the award which reaffirmed Stanbic’s position as a leader in implementing Environmental, Social, and Governance (ESG) standards.
In her remarks, Adengo emphasized the bank’s integrated approach to environmental stewardship. She said, “Environmental sustainability is not just an add-on; it is now a core part of our sustainability agenda rooted in our purpose, ‘Uganda is our home, we drive her growth’.”
“Stanbic Bank is a pioneer in green finance and therefore building a cleaner, greener future for Uganda is one of our long term strategies, integrated in our ongoing moves to provide more affordable financing solutions to women, youth, and farmers.” Adengo said.
In 2024, the bank disbursed UGX 62 billion to support green startups and businesses involved in clean energy, sustainable agriculture, and eco-friendly technologies. These investments are aligned with the government’s climate goals and are driving tangible progress across Uganda.
The government’s National Development Plans emphasize sustainable development, with a strong focus on environmental management, conservation, and climate resilience as critical pillars for long-term prosperity.
Ondoga highlighted other notable environmental initiatives being undertaken by Stanbic Bank, including a plastic recycling program. This is being conducted in partnership with Coca-Cola Beverages Uganda Limited through Plastics Recycling Industries in Nakawa.
“To date, we have recycled over 97.86% of the plastic waste generated by our operations, totaling 9,234.64 kilograms. This demonstrates how public-private collaborations can foster innovation and sustainability,” she said.
She said, “Our efforts aim to develop long-term solutions that support resilient ecosystems and sustainable livelihoods. Additionally, we have embarked on digitizing our operations to reduce paper usage. We also encourage customers to utilize platforms like FlexiPay, Stanbic Digital Banking, and USSD, instead of visiting branches. For the limited paper we do use, we have partnered with Africa Paper Limited to recycle it into useful items such as napkins and shopping bags.”
Dr. Barirega Akankwasa, the Executive Director of NEMA, expressed gratitude to all nominees and winners of the night for complying with environmental laws and regulations. He also announced the introduction of the NEMA Compliance Assistance Unit, which provides free support to developers in achieving environmental compliance.
Barirega also noted that ESG standards are essential for socially and environmentally conscious investors when screening potential investments. Adopting these standards enhances compliance with environmental laws and regulations.
The National Environment Sustainability Awards, organized by Uganda’s NEMA, is a prestigious annual event celebrating excellence in environmental stewardship, innovation, and sustainable practices across the country.
NEMA believes that recognizing existing best environmental practices can provide incentives for continued up-scaling and replication of such initiatives in other sectors across the country.
Launched under the National Environment Act (Cap 181), these awards aim to incentivize corporations, government agencies, NGOs, media, communities, and individuals to adopt forward-thinking strategies in managing Uganda’s natural resources sustainably – https://www.youtube.com/watch?v=eT1X9bTTH6A&t=24s
