Standard Chartered Kenya Advances Climate Agenda
Standard Chartered Bank Kenya hosted two events on the side-lines of the Africa Climate Summit with the aim of bringing together key stakeholders to discuss Kenya’s carbon economy as well as its sustainable finance opportunities.
The events happened soon after the landmark announcement that Standard Chartered Kenya had closed the region's first Kenya Shilling denominated Sustainability Linked Loan (SLL).
The KES 15 billion SLL with Safaricom PLC is one of the largest deals ever undertaken in Africa. Standard Chartered Kenya acted as the Global Coordinator, Sustainability Coordinator and Mandated Lead Arranger for the deal. The deal signals the ongoing emphasis on building sustainable financing models in line with global commitments to meet net zero targets.
"Standard Chartered plays a crucial role in financing renewable energy projects and driving green financing to the market – all of which is helping Kenya to leapfrog to a low carbon economy." -- Kariuki Ngari, Managing Director and CEO, Kenya & East Africa.
The collective international conversation on climate action began at the first conference in Rio de Janeiro Brazil in 1992. Thirty-one years later, the leaders in Africa gathered in Nairobi this week to take part in a series of engagements during the Africa Climate Summit.
The Africa Climate Summit was the brainchild of Kenyan President, Dr. William Ruto, who at the AU Summit earlier this year called on the regional leaders to have an inaugural summit where Africa’s actions on the critical matter would be addressed as a singular voice.
In that understanding, Standard Chartered hosted two key events that aimed at bringing together key stakeholders to explore key issues that would influence Kenya's Climate agenda going forward.
The events were hosted by Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya & East Africa, Birju Sanghrajka, Head Client Coverage, CCIB Kenya & East Africa and Joyce Kibe, Head CABM- Kenya & East Africa. The audience was drawn from private sector, public sector, industry commentators and colleagues at the Bank.
The conversations aimed at addressing:
How Kenya can challenge climate change by having shared goals and developing solutions to scale carbon capture or decarbonise infrastructure
How Kenya can achieve climate change goals through collaborative focus to scale proven technologies and mobilise the needed capital
How leaders redefine success and shift shared goals to scale positive long-term change for the planet so that Africa is not left behind as the world progresses on climate action
What the role of banks such as Standard Chartered is, in leading the mobilisation of the needed capital
How Standard Chartered leads the right financing structures so that business can fully commit to reducing the carbon emission
Notable guests included Christopher Kirigua, Director General, Public Private Partnerships at the National Treasury; Neil Wigan, British High Commissioner to Kenya; Marc Dillard, Deputy Ambassador, US Embassy; Chris Leeds, Head, Carbon Markets Development, Standard Chartered; Lamin Manjang, Vice Chairman, Africa, Standard Chartered; Sanjay Rughani, CEO, Standard Chartered, Uganda; Lina Osman, Regional Head, Sustainable Finance – West, Standard Chartered; and Dr. John Murton, Senior Sustainability Advisor, Standard Chartered.
The Africa Climate Summit was aptly placed in readiness for the COP28 summit which will take place in Dubai at the end of November. At COP28, the world will receive the results of the first “stock take” of the Paris Agreement to understand if we have made a shift towards a net-zero emissions world and for the first time, Africa will have a consolidated voice because of the Africa Climate Week.
Standard Chartered remains committed to developing and enhancing strategic governmental, civil society and private sector relationships, with a particular focus on acting as a catalyst for sustainable finance in this market.