The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | As Uganda joined the rest of the world today to mark World Environment Day, Equity Bank has reiterated their commitment to supporting projects dedicated to clean energy, environmental preservation, and combating climate change.
In a statement to mark World Environment Day, Equity Bank Uganda said they will join Equity Group’s goal to reverse the continent’s rapidly diminishing forest cover by planting 35 million trees, and also offering loans to customers for the purchase of clean energy products, particularly in the education sector.
The United Nations designated June 5 as World Environment Day to highlight that the protection and health of the environment are major issues that affect the well-being of people and economic development throughout the world.
The theme of the 2024 World Environment Day is “land restoration, desertification, and drought resilience.”
Equity Bank Uganda leading the way
“Equity Bank Uganda Limited has always been at the forefront of social responsibility, with a strong focus on environmental conservation. The bank’s commitment to the environment is evident through initiatives like the Equi Green Loan, designed to support projects dedicated to clean energy, environmental preservation, and combating climate change,” they said in their World Environment Day statement.
One of Equity Bank Uganda’s flagship projects is its tree-planting initiative, aimed at promoting sustainable practices for preserving natural habitats and mitigating climate change effects. According to Global Forest Watch, Uganda lost 13 percent, or 1.03 million hectares, of tree cover between 2001 and 2022.
As part of the wider Equity Group’s ambitious goal to plant 35 million trees across the countries it operates in, Equity Bank Uganda has already made significant strides in areas such as Ntungamo, Nyakasura Hill, Rubaga, Kasese, and Mwiri Hill.
Collaborating with the National Forestry Authority and Million Trees International, these efforts showcase the bank’s dedication to environmental sustainability.
“This makes Equity Bank Uganda’s reforestation efforts even more critical in reversing the country’s rapidly diminishing forest cover. To date over 15,000 trees have been planted, while loans worth UGX15.12 billion have been disbursed towards projects targeting climate change.”
Clean energy
Equity Bank Uganda is also actively involved in promoting clean energy solutions.
“By offering loans to customers for the purchase of clean energy products from various partners, the bank is not only supporting eco-friendly practices but also contributing to the reduction of respiratory diseases, thus safeguarding human health,” Equity Bank said in their statement.
Working with partners like the Uganda Energy Credit Capitalisation Company (UECCC) and aBi Trust, the bank has disbursed over UGX 14.75 billion for solar system financing targeting households and SMEs. This has resulted in the adoption of 1,339 clean energy kits sold to households, further aiding the transition to clean energy.
Equity Bank Uganda is also extending its impact to the education sector by constructing school kitchens that use clean energy in various schools, including one upcoming project in Ntungamo scheduled for launch in June. This initiative aims to transform school kitchens from traditionally using firewood to clean energy cooking stoves, thus addressing the fact that an estimated 93 percent of Ugandan households depend on biomass for energy, and a majority of institutions like schools, hospitals, and prisons also use firewood for cooking.
“Equity encourages the shift to clean energy to lessen dependence on wood fuel, charcoal, and fossil fuels like kerosene. This transition directly improves health by reducing household air pollution, benefits the environment by lowering carbon footprints, and aids in combating climate change,” an official said.
“Equity Bank Uganda’s unwavering dedication to environmental conservation serves as a shining example of how financial institutions can lead the way in promoting sustainability and fostering a greener future for all. Through these initiatives, the bank continues to showcase its commitment to integrity, transparency, and making a meaningful impact on the world around us.”
