There have been growing calls by various stakeholders for acceleration of the adoption of green modes of transportation and hastening of avenues for e-mobility financing in Kenya.
Kenya aims to increase adoption of electric vehicles (EVs) to 5 per cent of all imported vehicles by 2025, which is being fueled by the National Electric Mobility Strategy of 2019.
Taking part in the Kenya Power 2nd E-mobility Stakeholders' Conference and Expo in Nairobi, NCBA Group also backed the quest for sustainable solutions to challenges of climate change.
The key conference was held at Kenyatta International Convention Centre (KICC) in Nairobi on April 23-24, 2024 under the theme “Accelerating the Adoption of E-mobility in Kenya.”
Convener, Kenya Power, said it is working with all players to grow e-mobility in Kenya while enabling energy transition leveraging its 90 per cent renewable energy released to the grid.
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Energy and Petroleum PS Alex Wachira told the forum the transport sector is the second-largest contributor to greenhouse gas emissions, accounting for 13 per cent of all emissions.
NCBA Group Head of Asset Finance James Karinga urged for exploration of innovative financing models, investment opportunities, and dynamic future of e-mobility financing.
“We are actively working with various stakeholders to support the growth of e-mobility in Kenya while enabling energy transition leveraging on our 90 per cent renewable energy dispatched to the grid,” indicated Karinga.
He intimated that the conference on e-mobility was insightful and impactful and will play a more significant part in shaping a greener and more sustainable future for the country.
In 2023, the bank unveiled EV charging stations at its NCBA Centre Upper Hill head office as part of its sustainability drive based on it ESG framework themed “NCBA Change The Story.”
The charging stations, which were installed in collaboration with EvChaja, are available for utilization by the bank’s employees and customers to help reduce their carbon footprint.
Speaking during the 2023 launch, NCBA Group MD John Gachora said the bank would work with its partners to deploy electric vehicle charging stations across the East African region.
To further boost e-mobility, NCBA also unveiled a Sh2 billion EV financing solution to match a growing demand for e-vehicles due to climate change activism and rising global oil prices.
Additionally, NCBA Group has also been mobilizing Sh30 billion to fuel green and sustainable financing initiatives to enable positive socio-environmental change in communities it serves.
As part of its sustainability framework pledge, the Kenyan Tier 1 bank will also grow 10 million trees by 2030 as its contribution to a healthier planet through strategic partnerships.
NCBA Group has also undertaken to eliminate single-use plastics and recycle 100 per cent of its waste by 2030, green its supply chain and change all its corporate gifts to be sustainable.
According to the Energy and Petroleum Regulatory Authority (EPRA), EVs accounted for about 2,688 of all the 165,913 vehicles registered in Kenya by December 31, 2023.
