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This report looks at the role of the financial sector in Africa in promoting sustainability. The evidence from the report points

 to the emergence of a dynamic business case for sustainability banking in sub-Saharan Africa. This development is linked to

improved risk analysis, better corporate governance standards, and increased potential to access international funds, enhanced

ability to enter or create new markets and improved stakeholder relations.

      The report also demonstrates that there is need for further innovation. In this context a number of strategies are

identified that accelerate the move to sustainability banking

Governments should, for example :

• expand environmental and social liability legislation to better connect environmental and social risks and related financial risk to lenders, insurers and investors
• adopt generally accepted environmental and social reporting standards
• adopt legislation to support capacity building and systemic approaches
• review legislation that may hinder sustainability banking practice, such as modifying the substantive anti money laundering framework to suit the African context
• adopt regional strategies (e.g. through NEPAD) and partnerships to encourage the consideration of social / environmental / ethical and human rights issues by the financial sector in a coherent and uniform manner.

Internally, banks and other financial institutions should:

• develop a strong corporate social responsibility strategy that is integrated and embedded across the business practices of the organization and supply chain
• sign up to and build on a range of internationally and locally recognized codes and standards
• provide access to finance for the development of environmentally beneficial technologies, such as renewable energy projects or energy efficient products
• afford greater consideration to sustainability and environmental risk issues in the emerging markets by rating agencies.

Please download the document

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