The International Finance Corporation (IFC) of the World Bank has certified the CRDB Bank’s headquarter in Dar es Salaam as an Excellent in Design for Greater Efficiency (EDGE) green building.

The EDGE certification has the goal of reducing the environmental impact of buildings in terms of direct energy consumption, water consumption, and the energy footprint of construction materials, according to a press statement issued yesterday. 

Through EDGE, the IFC has set a metrics-driven definition of what constitutes a green building, rewarded property developers for building green, increased regulatory pull, and promoted direct investment.

The certificate recognizes the bank’s commitment to reducing its carbon footprint and a special focus on transitioning to invest in low-carbon emission activities as the construction sector is said to significantly contribute to greenhouse gas emissions and resource consumption. 

“Green building practices offer a sustainable solution to these challenges by promoting energy and water efficiency and reducing embodied carbon in building materials,” the statement said.

Handing over the certificate to Abdulmajid Nsekela, the Group Managing Director and Chief Executive Officer of CRDB Bank, the Green Building Lead of the IFC, Dennis Quansah said there are several factors to consider before awarding a building.

“At the IFC, we are very proud to certify your building and make it the first in Tanzania. The certificate will attract all the major green financial institutions from across the world, as it will make you known all over. Water, energy, and embodied carbon in materials are some of the key parameters we take into consideration when evaluating a building before certification,” says Quansah.

The lead emphasized that the bank has set an example that others in the country will have to take as a challenge to improve their buildings to make them environmentally friendly and join the world community in conserving Mother Earth.

In consideration of how construction contributes to polluting the environment, in 2013 IFC introduced EDGE, a green building certification system focused on making new residential and commercial buildings more resource-efficient by bringing together those who design, develop, finance, and incentivize green buildings.

Receiving a plaque and a certificate, Nsekela lauded that their efforts to protect the environment have endured a long time, leading them to convince the Environment Fund of the United Nations (GCF) to accredit CRDB Bank to become the first financial institution in Eastern and Central Africa in November 2019 to facilitate the financing of green projects.

“On behalf of the management and CRDB Bank staff, I am very proud of the recognition that CRDB is currently the only green building in Tanzania, and we have already achieved significant savings in all three key indicators. Our energy consumption has decreased by 21 percent, water usage by 27 percent, and embodied carbon in materials by 28 percent. These results not only meet but exceed the minimum efficiency requirements for Level 1 certification,” says Nsekela.

Looking ahead, he said they are committed to advancing to Level 2 certification by 2026, aiming for an average consumption efficiency of 40 percent. This commitment underscores our dedication to sustainability and responsible environmental stewardship.

Nsekela says CRDB Bank collaborates with more than 200 strategic partners in green project financing, and the bank alone can extend to a single borrower a limit of up to US$107 million or up to US$250 million per project when collaborating with the GCF, and there is no limit on funding for projects we co-finance with other partners.

“Last year, we issued a Kijani bond and raised hefty revenue. We welcome everyone who has a green project to come to us for financing. We are capable and well-liquidated to offer a helping hand to make it possible,” emphasizes Nsekela.

UN Green Climate Fund accredited CRDB Bank since November 2019.