Banks told to tap business opportunities in UN goals

Customers in a bank. Kenyan banks have been tipped to turn sustainable development goals (SDGs) into business opportunities. FILE PHOTO | NMG 

By BRIAN NGUGI
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Summary

• Kenyan banks have been tipped to turn sustainable development goals (SDGs) into business opportunities.
• It is estimated that the SDGs, adopted in late 2015, will cost between $90 trillion and $120 trillion by 2030.
• Africa Network Coordinator for Unep Finance Initiative and Independent Sustainability consultant Caroline Wakesho Sonje said in this light, the Kenyan financial services industry has a role to play in funding the objectives.

Kenyan banks have been tipped to turn sustainable development goals (SDGs) into business opportunities.

It is estimated that the SDGs, adopted in late 2015, will cost between $90 trillion and $120 trillion by 2030.

Africa Network Coordinator for Unep Finance Initiative and Independent Sustainability consultant Caroline Wakesho Sonje said in this light, the Kenyan financial services industry has a role to play in funding the objectives.

“The principles for responsible banking are not just the global standard for a new way of banking, but importantly also a community — the community of banks who see it as their role and responsibility to make a significant contribution to tackling their society’s most pressing challenges and achieving a sustainable

future for all of us around the globe — on a healthy planet,” said Ms Sonje during the eighth Annual Banking and Finance Conference 2019 held in Nairobi.

The conference themed ‘Assessing the Business Drivers for the Banking & Finance Industry’ is organised by Kenyan firm Aidem Business Solutions

Ms Sonje said Kenyan banks and other companies must explore what the global SDG goals mean to them.