Financial institutions critical in driving sustainability agenda

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Mr Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana and Board Chairman of Stanbic Investment Management Services (SIMS), says financial institutions play a crucial role of driving the sustainability agenda. This is done through influencing and channelling the flow of funds toward sustainability projects and practices. 'In 2019, the Bank of Ghana introduced the Sustainable Banking Principles, which Stanbic Bank subscribes to. We have progressively implemented about 79% of the recommended 47 actions set out in the principles and have tasked ourselves to fully comply by the end of June 2025,' he said. Mr Asomaning was speaking at the launch of the Responsible Investment Initiative by SIMS, held at the Kempinski Gold Coast Hotel. The launch of the initiative highlights SIMS' dedication to sustainable growth and its role in promoting responsible business practices. As part of the initiative, SIMS will collaborate with issuers and investors to enhance sustainability efforts, aiming to drive positive ch ange across the industry. In 2023, Stanbic became the first bank in Ghana to join the IFC's Climate Finance Advisory Program, receiving training and advisory support to identify and assess climate-aligned asset classes. Mr. Asomaning noted that climate change was leading to extreme weather events, health risks, and economic impacts, among other issues. 'By focusing on sustainability, we ensure that our individual and collective actions and inactions are not harmful to the environment or deplete natural resources. Let's find a balance between saving the environment and fulfilling our wealth-creation goals. I urge you all to plant a tree, be a change advocate, and invest responsibly; your actions matter,' he said. He urged SIMS to undertake responsible investment in the asset management industry through climate specific initiatives. 'We, at Stanbic Bank and SIMS, are collectively enthusiastic about the journey ahead for SIMS and the investment industry in Ghana,' Mr. Asomaning said. SIMS is an investment management and advisory firm licensed by the Securities and Exchange Commission and registered with the National Pensions Regulatory Authority as a pension fund manager. Source: Ghana News Agency

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