Standard Bank and Soapbox join forces on the UN SDG challenge SA to explore innovative solutions for sustainable business practices

Under the auspices of the SDG Challenge South Africa, the following five talented students from the University of Pretoria, collaborated with Standard Bank’s sustainability team to develop strategic approaches for incentivising the adoption of sustainable practices among its clients:

The project responded to the brief: “How might Standard Bank Group incentivise our clients to adopt more sustainable practices?” Focusing on key UN Sustainable Development Goals, SDG 12 (Responsible Consumption and Production), SDG 13 (Climate Action), and SDG 17 (Partnerships for the Goals), the students conducted surveys and gathered insights from clients to better understand their perspectives on sustainability.

The result is a comprehensive three-step framework designed to drive sustainable change:

1. Creating awareness: Upskilling employees through education on responsible consumption and sustainability. This includes guidance on carbon foot-printing and green technologies, along with training support to promote knowledge sharing.

2. Assessing current practices: Partnering with sustainability consulting firms to offer discounted carbon footprint assessments, specifically targeting small and medium-sized enterprises (SMEs) to support their sustainability journeys.

3. Rewarding compliance: Establishing a platform that rewards businesses for adopting sustainable practices, including partnerships with green technology providers.

This partnership exemplifies how youth-driven initiatives can create impactful solutions that respond to broader societal challenges, highlighting the critical need for responsible banking practices in a rapidly changing environment.

“Collaboration is key to advancing sustainability in the banking sector. The insights gained from our participation in the SDG Challenge and the innovative ideas from the University of Pretoria students have reinforced our commitment to integrating sustainable practices within our business model. By empowering the next generation of leaders, we can drive meaningful change and contribute to a more sustainable future for Africa,” said Dr. Manessah Alagbaoso, head of business ecosystems and sustainability at Standard Bank Group.

Looking ahead, both Standard Bank Group and Soapbox South Africa are dedicated to leveraging the strategies and insights developed during the SDG Challenge South Africa. By fostering a culture of sustainability within the financial services sector, they aim to inspire a broader movement that encourages businesses and communities to adopt responsible practices.

“The SDG Challenge SA platform emphasises collaboration between businesses, academia, and innovative thinkers to drive sustainability goals in alignment with Africa's broader development objectives,” stated Amelia Francis, head of programme at the SDG Challenge South Africa. “Our programme highlights the power of multi-sector partnerships and student involvement in building sustainable, future-ready economies. We believe these collaborations are essential for creating a lasting impact.”

The experience resonated deeply with participants. Sibusiso Mnyakeni, a commerce student, shared, “Working on this project made me realize the significant role finance plays in driving sustainability. I’ve become more aware of the ethical implications of banking practices and how we can support sustainable businesses. This challenge has opened my eyes to potential careers that can make a difference.”

Ripfumelo Endlani Shidumo reflected on the transformative nature of the experience: “Initially, I thought sustainability was primarily relevant to other sectors. This challenge broadened my understanding, making me consider career paths in sustainability research and development within finance that I hadn't thought of before.”

As Africa is our home and we drive her growth, both Standard Bank Group and the Soapbox South Africa look forward to the solutions developed during the SDG Challenge South Africa while continuing to champion the cause of a more sustainable future in Africa. Through collaboration and innovation, we can pave the way for responsible banking practices that benefit both business and the planet.