In a first its kind, the Ugandan Development Bank, PostBank, Housing Finance Bank, and Pride Microfinance last Friday came together to discuss the implementation of holistic Sustainability Standards in their respective institutions.
According to UDB sources, delivering true sustainability that improves the quality of lives of all Ugandans, boosts economic activities that raise the income levels of the communities or society considerably, protects the environment, and helps mitigate and adapt to climate change is a gigantic challenge.
“It requires the entire financial sector to join hands and work together to ensure that needed capital is mobilized and used for creating a sustainable economy that is climate-friendly and provides decent job opportunities, especially to young Ugandans entering the labor market in massive numbers,” reads the UDB statement in part.
The statement adds that; this marks the beginning of a new chapter in the country’s financial industry where true and holistic sustainability is set to be ingrained in these institutions.
“Subsequently, this cooperation is expected to inspire the wider financial sector in the country to join hands in, economic, and environmental problems, in clouding climate change, through sustainable financial and non-financial services”, adds the statement.
In this regard, a Joint Session is being organized to bring together the members of the Board and the Executive Management of all four institutions under one roof to appreciate the power of true sustainability and avoid the risks of greenwashing, which poses a danger to financial stability and through it to the whole economy.
UDB points out that’such practices, perhaps largely unintended due to lack of proper guidelines or framework, also distract investments from projects that deliver real social, economic, and environmental impact.
The Joint Session will help decide the way forward, among others, to set comprehensive sustainability targets by the four participating institutions and review the business models and financial and non-financial products/services to fast-track Ugandan economic development while protecting the environment whilst launching meaningful climate action.
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