CBZ to invest 2% of profits into green energy

Zimbabwe’s biggest bank Commercial Bank of Zimbabwe (CBZ) is planning to set aside 2 per cent of its earnings into green energy.

“The shift towards environmental accountability is expected to gather pace in 2022.

“As a priority, the Group is actively aligning operations, activities and strategies to support Environmental, Social and Governance ESG practices and goals,” the bank says in its results.

Zimbabwe is facing energy crisis amid calls for embracing green energy such as solar power.

The country is importing electricity from other countries like Zambia, South Africa and Mozambique.

CBZ is one of the financial services institutions licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

As of December 2017, the bank was the largest financial services provider in Zimbabwe, ahead of FCB, Barclays, Stanbic among others.

At that time, CBZ Bank’s total assets were valued in excess of US$1.992 billion with shareholders’ equity of US$188.11 million.

Zwnews