Equity Bank Group spent Sh32 billion on staff costs in 2023, according to the lender’s third sustainability report that was unveiled at Karura Forest in Nairobi on Tuesday, September 3. This represented a close to Sh7 billion jump from the Sh24.8 billion that the firm spent in the preceding year.
On average, the report states, each employee had a carbon intensity of 1.7 tonnes, an increase from 1.6 tonnes in 2022. In mitigation, the workers planted a total of 25.2 million trees over the period under review, again, an increase from 21.8 million trees in the previous year.
Says the report: “Some regions experienced a slight increase in energy consumption, including Rwanda (by 0.4 per cent) and DRC (by 13.1 per cent). Kenya reduced its energy consumption by 9.7 per cent. On energy intensity per staff, it is observed that the highest consumption figures are recorded in the DRC at 4,307 kWh per staff.
Overall, however, there was an improvement of energy intensity by seven per cent compared to 2022.
“Building on past lessons, we have been able to position ourselves for the challenges the world is facing, such as increasing climate variability, pressure on nature, inequality and the need to create meaningful livelihoods,” said the group’s Chief Executive Officer, Dr James Mwangi.
According to data, the bank had disbursed Sh101.8 billion in social impact investments, up from Sh72.7 billion a year earlier and another Sh138.3 billion on social protection. And on education, it had, by 2023 cumulatively supported 22,009 learners under its Wing to Fly initiative, which aims to give bright children from poor families a chance at acquiring secondary education.
Said Dr Mwangi during the launch of the report: “We have not only applied our efforts to realising social impact, but also have a strong focus on environmental and nature stewardship, promoted through an intentional approach to addressing our own footprint.”
According to him, the bank had come to the realisation that the bulk of beneficiaries from its mentorship programme were from middle class families, and when they sought to understand why this was the case, they learned that bright children from poor families were dropping out of the education system before joining secondary school.
“We decided to invert the pyramid,” he told the gathering of captains of industry, environmental champions and the bank’s suppliers and other stakeholders.
In health, the bank, which also runs Equity Afya, recorded a cumulative total of 2.1 million patient visits in its outlets, an increase from a cumulative total of 1.3 the previous year. This was largely driven by the addition of its clinics from 77 in 2022 to 98 to the year under review.
“We recognise that deepening sustainability cannot be achieved by any single institution,” said the bank’s chairman, Prof Isaac Macharia. “Our strategic ambition… requires the support and participation of diverse stakeholders.
Also speaking during the event, the French ambassador to Kenya, Mr Arnaud Suquet, said: “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.”
The chief guest, Ms Zainab Bangura, the Director-General of the United Nations Office in Nairobi, challenged African countries to be producers and not just consumers.
“Sustainable development requires an integrated approach that considers both environmental concerns as well as social development,” she told the gathering, and challenged businesses and individuals to do away with “the tyranny of low expectations.
Ms Bangura, also the UN Under-Secretary-General, appreciated Nairobi’s role in the UN ecosystem. According to her, Nairobi was only handling 300 UN workers when the UN office was first set up, but this has grown to over 20,000 workers spread out across 168 countries.
The theme for this year’s report is “A sustainable world is a transformed Africa”.
