Staff Writer
FBC Holdings (FBC) says it has significantly progressed in adopting sustainability practices, including adhering to the Reserve Bank of Zimbabwe’s Climate Risk Management Guideline.
The Reserve Bank of Zimbabwe introduced the Climate Risk Management Guideline and the International Financial Reporting Standards sustainability disclosures in 2023, compelling all financial institutions to consider environmental impact, as they pursue profitability.
FBC said it believes its long-term success hinges on its connectedness to and alignment of its operations with the environmental and social priorities of the communities it serves.
“The group appreciates the regulatory authorities’ commitment to facilitating sustainable growth and returns, by prioritising sustainability and climate-related risks and opportunities,” FBC’s chairman Herbert Nkala said in a statement accompanying financials.
The diversified group said it has integrated sustainability best practices into its core strategy and is collaborating with partners and stakeholders to create more sustainable and inclusive communities.
“The primary goal is to redefine finance by making it affordable, accessible, and inclusive while nurturing sustainable solutions in response to evolving stakeholder needs and the changing global economic and regulatory landscape,” Nkala said.
On the outlook, FBC said the impending drought caused by El Niño is expected to significantly impact various industries, including agriculture, energy, food and nutrition, water, education, health and wildlife.
Zimbabwe is taking decisive action by prioritising private financing to achieve its climate change targets and transition towards green and inclusive growth.
FBC said it is actively pursuing opportunities for collaboration to support Zimbabwe’s national development priorities as the country has developed the National Climate Change Fund, Food Relief Program, and Climate Finance Facility to facilitate private financing.