Climate crisis fuels banks' resolve for greater resilience

CEO of Kenya Bankers Association Habil Olaka

As scientists warn about the devasting effects of climate change, more investors are shifting their focus on environmental risk and how they might affect their portfolios. After all, the prevailing rising temperatures and increasing frequency of severe storms, floods, heatwaves, and drought are eroding the economic gains of many nations.

Globally, the unmatched existential threat of the climate crisis is a major concern to governments and players in the financial services sector. Both recognise that financial resilience will remain at stake if drastic measures are not taken to abate the effects of a shifting climate. Africa remains as one of the most adversely exposed continents to climate change. Five out of 10 countries that are most susceptible to the crisis are in Africa. This gives the continent a compelling reason to adopt global best practices to boost its adaptive capacities.