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NBK publishes its annual sustainability file 2022

KUWAIT: Nationwide Financial institution of Kuwait (NBK) has lately launched its “2022 Annual Sustainability Document”, marking a vital milestone in its sustainability endeavors. This yr’s file adopts a brand new method that gives treasured insights and showcases a variety of key projects, underscoring the financial institution’s unwavering willpower to securing a sustainable long term. The 7th Annual Sustainability Document 2022 marks a vital shift from NBK’s prior studies via providing a complete perception into the Team’s leading edge ESG Technique Framework and its strategic technique to sustainability.

This way seeks to definitely affect the communities it serves, advertise sustainable expansion, and uphold the perfect international reporting and disclosure requirements. The file additionally gifts a holistic point of view on NBK’s elementary ESG problems, dangers, and function information. It is going past that via encompassing the Team’s ESG-related insurance policies, methods, and commitments all the way through 2022. The newly licensed ESG technique is focused round 4 pillars, which take heart level within the Sustainability Document 2022.

Moreover, this file adheres to quite a lot of sustainability reporting requirements and frameworks, together with nationwide and international environmental, social, and governance requirements, together with the World Reporting Initiative (GRI), the Sustainability Accounting Requirements Board (SASB), and the United International locations Sustainable Building Objectives (UN SDGs). Additionally, NBK externally verified its Greenhouse Fuel (GHG) emissions information for the yr ended 31 December 2022 and the studies alignment with the GRI requirements. The GHG audit certificates within the financial institution’s sustainability file verified that NBK’s reported GHG emissions are inline with GHG protocol. It additionally highlighted the analysis procedure which conscientiously assessed the accuracy and credibility of NBK’s environmental have an effect on information.

Additionally, the financial institution got an unbiased audit to make sure alignment with the World Reporting Initiative (GRI) requirements. NBK’s outstanding accomplishment establishes its distinctive place because the pioneer and sole group in Kuwait to go through an exterior overview of its sustainability file. This success considerably bolsters the financial institution’s credibility and is a testomony to its unwavering willpower to adhering to world requirements and frameworks. Additionally, the file emphasizes NBK’s vital accomplishments within the box of ESG. Significantly, the financial institution gained a rating of ‘C’ from CDP, an international non-profit that runs the sector’s main environmental disclosure platform, for its Local weather Trade and Forests 2022 Classes.

Isam Al-Sager

The financial institution has additionally made notable strides in accountable banking products and services, as exemplified via the advent of its Sustainable Financing Framework. NBK has additionally set meantime objectives to cut back its general operational emissions via 25% via 2025, relative to the bottom yr ranges of 2021. Those achievements replicate NBK’s dedication to environmental sustainability and accountable practices. The file additional showcased the NBK’s dedication to selling range, fairness, and inclusion, principally thru its emphasis on skill building. Moreover, the file highlighted the financial institution’s really extensive neighborhood funding, achieving a complete of KD23 million.

Those projects exemplify the financial institution’s willpower to fostering a various and inclusive surroundings, nurturing skill, and making vital contributions to the neighborhood. Commenting on freeing this yr’s factor of the Sustainability Document, Isam J Al-Sager, NBK Team Vice Chairman and CEO, mentioned, “This yr’s Sustainability Document is a testomony to our unwavering willpower to sustainable practices. It brings a renewed way and point of view, losing gentle on NBK’s new sustainability technique and its willpower to fostering certain alternate. This dedication extends past the financial institution itself, aiming to definitely have an effect on our societies.

Our dedication is additional affirmed via our announcement to succeed in carbon neutrality via 2060 and becoming a member of the United International locations World Compact initiative.” “The file puts emphasis at the ongoing growth made via the financial institution in its ESG priorities. Those efforts are aimed toward fostering a sustainable and inclusive long term, demonstrating NBK’s dedication to accountable practices throughout those key spaces,” Al-Sager added. Al-Sager additionally highlighted the financial institution’s improve of transparent and clear ESG disclosures, emphasizing the significance of using frameworks that allow comparison throughout other sectors and cling to globally known requirements.

NBK additionally conducts exterior audits to facilitate the wider adoption of sustainable banking requirements in Kuwait and the area. “This dedication underscores our willpower to selling responsibility and using sustainable practices within the banking trade,” Al-Sager showed. “At NBK, we firmly consider that sustainability is integral to our long-term luck. We’re in point of fact dedicated to definitely impacting the surroundings and society, spotting that those efforts will in the end get advantages our shareholders and purchasers.

Through prioritizing sustainability, NBK targets to create worth past monetary returns, embracing a broader accountability to give a contribution to a extra sustainable and filthy rich long term,” Al-Sager concluded. The 4 pillars of NBK’s ESG technique framework are: 1.    Governance for resilience; 2.    Accountable banking; 3.    Capitalizing on our functions; and four.    Making an investment in our communities.



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