Uganda is set to host leaders from several African development finance institutions (DFIs) in Kampala for an extraordinary benchmarking tour on Sustainability Standards from 23rd to 24th January 2024.
Organized by the African Association of Development Finance Institutions (AADFI) in collaboration with the European Organisation for Sustainable Development, and hosted by the Uganda Development Bank (UDB), the event aims to foster knowledge exchange and showcase Uganda’s prowess in adopting rigorous Sustainability Standards.
The 2-day executive visit is seen as an opportunity for Uganda to demonstrate its commitment to the global sustainable development agenda.
Cyril Okoye, the Secretary-General of AADFI, anticipates that the event will enable African DFIs to achieve world-class corporate governance, creating impactful change across social, economic, and environmental spheres, particularly in addressing climate change.
UDB, at the forefront of sustainable banking and finance, is poised to showcase its compliance with the latest version of Sustainability Standards. Patricia Ojangole, the Managing Director of UDB, emphasizes the importance of addressing issues such as greenwashing—a deceptive practice misleading consumers about a company’s environmental impact.
“We will share with the visiting delegates our experiences in the implementation of Sustainability Standards. We will also address the issue of the growing risk of greenwashing that cannot only cause reputational damage but also hinder investments in the sustainable development of the countries,” Stated Ojangole.
Delegates will engage in discussions covering critical topics such as governance, digitalization, products, human capital, stakeholder engagement, risk, and climate change.
UDB, hailed by AADFI as a leader in sustainable banking, has received international recognition, clinching the Sustainability Leader of the Year award at the prestigious Karlsruhe Sustainability Awards in Germany for three consecutive years.
Despite this success, UDB views its current role as just the beginning, focusing on aligning with the world’s most comprehensive Sustainability Standards Version 2.0.
The bank, awarded the highest level of certification (SSCI Level 5 Certification) after implementing Sustainability Standards in April 2019, is positioning itself as a formidable force in fast-tracking Uganda’s journey towards full development, industrialization, and climate-friendly practices.
The Sustainability Standards and Certification Initiative (SSCI) adopted by UDB delivers a locally sensitive set of standards to enhance resilience and profitability, creating new opportunities for mobilizing funds towards projects with high social and environmental impact.
Since achieving SSCI Level 5 Certification in July 2020, UDB has experienced numerous benefits, setting a new strategic direction in alignment with the National Development Plan.
As Uganda welcomes these financial titans, the event promises to be a milestone, not only for UDB but for the entire African financial sector.
The summit is a testament to Uganda’s commitment to sustainable practices and its ambition to be a leader in driving positive change on the continent.
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