{"id":64253,"date":"2024-01-07T07:20:10","date_gmt":"2024-01-07T07:20:10","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding"},"modified":"2024-01-07T07:23:54","modified_gmt":"2024-01-07T07:23:54","slug":"companies-flouting-esg-rules-will-miss-ifc-funding","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding","title":{"rendered":"Companies flouting ESG rules will miss IFC funding"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The International Finance Corporation (IFC) will no longer fund any private sector companies that do not adhere to or report on environmental, social, and governance (ESG) issues, a step that could lock out several firms.<\/b><\/p>\n

ESG standards are considerations on how companies\u2019 business practices impact the natural environment, the people around them, and their employees in the pursuit for profits.<\/p>\n

With the growing threat of climate change, ESG has increasingly taken centre stage in the corporate world, with some regulators, such as the Central Bank of Kenya (CBK), now requiring their regulated entities to report on their ESG practices. Bank of Uganda has added ESG adherence in the sector to its five-yeat strategic plan.<\/p>\n

IFC\u2019s regional director for East Africa, Mary Peschka told the Business Daily that the financier will no longer \u201cdo business\u201d and will pull out of any projects led by entities that show no commitment on closing ESG gaps.<\/p>\n

\u201cWe will walk away from projects that have clients or sponsors that won\u2019t commit to our ESG standards,\u201d Ms Peschka said.<\/p>\n

\u201cWhen we set out to do business with a client, our specialists and corporate governance team undertake due diligence on the ESG front and then put together a plan to close any gaps related to ESG issues. This means thousands of private sector businesses which are not yet adhering to or reporting on ESG issues in the region, will be unable to tap into the concessional lending facilities provided by the IFC.<\/p>\n

Currently, only banks are required by Central Bank of Kenya to report on ESG issues, but a few other companies listed in the Nairobi Securities Exchange report on them.<\/p>\n

However, ESG is becoming consequential to private businesses\u2019 profitability as consumers become more aware and conscious of environmental and social issues.<\/p>\n

\u201cIf you start compromising on your commitments to ESG, it\u2019s a slippery slope. ESG is good business. It\u2019s not just because it\u2019s the morally right thing to do. There\u2019s lots of research that shows it translates to the positive bottom-line,\u201d Ms Peschka said.<\/p>\n

IFC had rolled out similar programs in Rwanda, South Africa, and Tunisia, with the initiative in Kenya extending services to Uganda, Tanzania.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The International Finance Corporation (IFC) will no longer fund any private sector companies that do not adhere to or report on environmental, social, and governance (ESG) issues, a step that could lock out several firms. ESG standards are considerations on how companies\u2019 business practices impact the natural environment, the people around them, […]<\/p>\n","protected":false},"author":84,"featured_media":64252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,258],"tags":[233,240,234],"class_list":["post-64253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nCompanies flouting ESG rules will miss IFC funding - Uganda<\/title>\n<meta name=\"description\" content=\"The International Finance Corporation (IFC) will no longer fund any private sector companies that do not adhere to or ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies flouting ESG rules will miss IFC funding\" \/>\n<meta property=\"og:description\" content=\"The International Finance Corporation (IFC) will no longer fund any private sector companies that do not adhere to or ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-07T07:20:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-07T07:23:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/01\/sm_1704599523.104352.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Companies flouting ESG rules will miss IFC funding\",\"datePublished\":\"2024-01-07T07:20:10+00:00\",\"dateModified\":\"2024-01-07T07:23:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding\"},\"wordCount\":386,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/01\/sm_1704599523.104352.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/companies-flouting-esg-rules-will-miss-ifc-funding\",\"name\":\"Companies flouting ESG rules will miss IFC funding - 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