ESG, sustainability, and digital transformation Top talks at the UBA Conference 2024
On Thursday, the Uganda Bankers Association (UBA, an umbrella body for banking institutions in Uganda) held its seventh annual bankers conference at the Serena Hotel Kampala.
This year’s conference was organised under the theme ‘’Navigating the Future of Banking: ESG, Sustainability, and Digital Transformation”.
The event comes shortly after the Uganda Bankers Association earlier in June unveiled its environmental, social, and governance framework to join the international phenomenon where most companies and institutions have embraced ESG to uplift their sustainability and development impact.
Julius Kakeeto, the Chairman of UBA and CEO at Post Bank, highlighted that ESG considerations have garnered global attention across various industries, including the financial services sector.
He said, ‘’The case of Uganda provides a compelling illustration of ESG integration with the National Development Plan (NDP III), incorporating commitments to regional and international development frameworks, including ESG. The second Nationally Determined Contribution (NDC) outlines ambitious targets aligned with national policies like Vision 2040 and the National Climate Change Act of 2021.
He added, ‘’The Central Bank of Uganda has been championing the process of integrating ESG principles and sustainability into the operations of supervised financial institutions, and on June 4, 2024, the banking industry ESG framework was launched by the Deputy Governor, Dr. Michael Atingi-Ego’’.
Ramadhan Ggoobi, the Permanent Secretary and Secretary to the Treasury, said, “The economy of Uganda is now stable and growing in the aftermath of COVID-19.” We have a plan for the future in terms of economic growth and want to accelerate this growth at a rate we can sustain for the next 1 and a half decades.”
Dr. Tumubweinee Twinemanzi, Executive Director of the Bank Supervision Directorate at the Bank of Uganda, noted that, on the part of governance, BOU focuses on how decisions are made, implantability, accountability, and overall oversight of ESG principles.
He added, ”For the ‘E’, environmental adaptation can happen without the need for governance structure oversight. And on the ‘S’, we need to oversee the cultures, risks, accountability, implications, and the entirety of how business goes about. This is more of a top-down overview of governance. Ultimately, there is an intentional focus by BOU outside of financial thriving, which is ‘Sustainability and Environmental Sensitivity and Sensitization”.
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