Julius Kakeeto MD, PostBank Champions ESG Framework at Uganda Bankers Association Launch
By John Kusolo
Kampala, June 4, 2024 – In a significant move aimed at bolstering sustainability and development within Uganda's banking sector, the Uganda Bankers Association (UBA) launched its Environmental, Social, and Governance (ESG) framework. The launch event, held at the Kampala Serena Hotel, marked a pivotal moment for the association and its members, who are keen to integrate ESG principles into their operations.
Julius Kakeeto's Vision for ESG Integration
Julius Kakeeto, Chair of the UBA and Managing Director of Post Bank, highlighted the critical role of the ESG framework in the banking sector. He emphasized the interconnectedness between financial performance and ESG practices, noting that the framework would serve as a comprehensive guide for banks. "The framework launched this morning will guide the banking industry on how to integrate its principles across their operations, from governance to products, policies, and processes," Kakeeto stated.
Kakeeto pointed out that digital transformation is a key enabler for managing ESG data effectively, thus promoting more sustainable investments. "Digital transformation streamlines bank operations and hence effective management of ESG data, making sustainable investment more feasible," he added.
Sector-Wide Commitment to Sustainability
Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, lauded the initiative, calling it a pioneering effort that will transform the banking sector's approach to ESG matters. "This pioneering initiative will transform our collective approach to promoting best practices in ESG matters. The urgency of sustainability cannot be overstated. Our planet faces unprecedented challenges, from climate change to resource depletion and social inequalities," Atingi-Ego remarked. He emphasized the unique position of the banking sector in catalyzing sustainable economic activities and fostering responsible business practices.
Future-Oriented Conference
In alignment with the newly launched ESG framework, the UBA announced that the seventh edition of the Annual Bankers Conference will be held at the Kampala Serena Hotel on June 19, 2024. Themed “Navigating the Future of Banking: ESG, Sustainability, and Digital Transformation,” the conference promises to be a convergence of thought leaders and industry experts.
Wilbrod Owor, Executive Director of UBA, outlined the conference's agenda, which will include diverse topics such as energy, sustainability, finance, digital evolution, and the role of AI in banking. Owor underscored the importance of partnerships within the banking sector, stating, "These partnerships are often far-reaching and deeply rooted in the very communities we serve, for example, government initiatives, development banks, etc. We hope more can join us in this and other causes."
A Call for Collective Action
The launch event saw widespread support from stakeholders within the banking sector, all of whom recognized the critical need for a cohesive approach to ESG. The initiative aligns Uganda’s banking sector with a global movement where companies are increasingly adopting ESG frameworks to enhance their sustainability and developmental impact.
Julius Kakeeto's leadership in this initiative underscores his commitment to not only the financial health of Uganda's banking institutions but also their broader impact on society and the environment. His vision, coupled with the collaborative efforts of UBA members and stakeholders, sets a promising course for the future of banking in Uganda.
As the banking sector prepares for the upcoming conference, the focus remains on fostering a sustainable, inclusive, and technologically advanced future. The ESG framework launched by UBA serves as a testament to the sector's dedication to responsible banking practices and its proactive stance in addressing global challenges.
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