Unprecedented rainfall has pounded East Africa, wreaking havoc and devastating lives. In Kenya, approximately 169 people have lost their lives due to deadly floods that have swept away homes and destroyed roads. These devastating rains are a result of a mix of factors, including seasonal weather patterns, human-caused climate change, and natural weather phenomena.
It is, therefore, important that institutions develop mechanisms to mitigate the effects of climate change and climate risks.
To support Kenya’s financial sector in adapting, assessing, and mitigating climate risks, WWF-Kenya, through the Voices for Just Climate Action (VCA) project, partnered with the Kenya Bankers Association and Strathmore Business School to empower banking professionals on climate risk modeling.
The workshop, facilitated by Reuben Wambui — Founder and Climate Finance Specialist at Net Zero Africa Initiative, provided participants with an in-depth understanding of modeling both physical and transitional risks posed by climate change.
Additionally, they were equipped to identify, measure, and assess climate-related risks and incorporate climate risk management into risk management strategies.
During the workshop, Christine Mwangi — Regional Coordinator of the Africa Sustainable Investment and Infrastructure Programme, commended the collaborative efforts towards empowering Kenya’s finance sector.
“As WWF-Kenya, we have partnered with KBA on several initiatives, and we will continue this partnership because our focus is to ensure we have a healthy environment that supports people and nature as well as a sustainable economy,” said Christine.
The skills acquired will be essential as banks implement the Bank’s Climate-Related Financial Disclosures, adopted to comply with the Central Bank of Kenya’s guidance on Climate-Related Risk Management.
An in-depth understanding of modeling physical and transitional risks and vulnerabilities posed by climate change are imperative issues that banks must be cognizant of as they implement the Bank’s Climate-Related Financial Disclosures Task-Force on Climate-Related Financial Disclosures (TCFD).
By Faith Jelagat — Regional Programmes and Communication Assistant, ASI Programme,WWF-Kenya
