Staff Writer
EcoCash Holdings Zimbabwe’s banking unit, Steward Bank, is making significant strides in promoting clean energy adoption through its partnership with Distributed Power Africa.
According to the company’s latest trading update, Steward Bank saw a remarkable 47% increase in green energy installations during the quarter ended May 31, 2024, compared to the previous quarter.
The Zimbabwe Stock Exchange-listed group said the installations cut across powering business premises and residential households ensuring that clean energy is availed and contributes to the target of reducing carbon emissions by 40%.
“The bank accelerated its green energy initiatives in the quarter under review, having partnered with Distributed Power Africa to offer power as a service,” EcoCash said in its trading update.
From a revenue performance perspective, the business saw its green energy revenue improve by 51% during the quarter under review.
Steward Bank’s commitment to green energy initiatives highlights the growing importance of financial institutions in addressing climate change.
By providing innovative financial solutions and fostering partnerships with clean energy providers, financial institutions can play a crucial role in accelerating the adoption of renewable energy across Africa.
Steward Bank’s green energy push aligns with Zimbabwe’s national climate goals.
Zimbabwe aims for a 40% reduction in greenhouse gas emissions compared to a baseline scenario as outlined in Zimbabwe’s Nationally Determined Contribution submitted under the Paris Agreement.
The country prioritizes building resilience to the impacts of climate change, such as droughts, floods, and extreme weather events. This likely involves strategies to improve water management, strengthen infrastructure, and enhance agricultural practices for drought tolerance.
The southern African nation aims to integrate climate considerations into all national development plans and policies.
Zimbabwe is developing and implementing various policies to support its climate goals including the National Climate Change Response Strategy, Intended Nationally Determined Contribution and the Low Emission Development Strategy.
