KUWAIT CITY, Oct 13: Isam Al-Sager, NBK Group Vice Chairman and CEO, has earned the distinction of being ranked first in Kuwait and third in the Middle East’s banking and financial services sector on Forbes' 2024 Sustainability Leaders list.

Forbes based its ranking on a comprehensive set of criteria, including the overall impact of sustainability initiatives at both regional and international levels. The evaluation also considered the process of issuing sustainability and ESG reports, with a particular emphasis on transparency and accuracy.

The criteria also encompassed reductions in greenhouse gas emissions, improvements in waste management, and the efficient use of water, energy, and other resources. Additionally, the ranking considered the bank’s reliance on renewable energy sources and the implementation of energy-efficient technologies.

Forbes magazine's ranking highlights NBK’s unwavering commitment to sustainability, positioning it as a role model in this critical area for future generations. It also emphasizes the bank’s dedication to advancing sustainable development in Kuwait and across all the markets in which it operates.

NBK has established itself as a pioneer in sustainability, making significant strides in the areas of environmental, social, and governance (ESG). The bank has introduced a comprehensive Sustainable Financing Framework to support and strengthen its efforts in this domain, embedding sustainability as a core element across its business model, operations, and corporate culture. This approach aligns with Kuwait’s economic vision and facilitates the transition to a low-carbon economy. NBK is also aiming to achieve a sustainable asset portfolio of $10 billion by 2030.

Furthermore, NBK has taken a leadership role in leveraging the global shift towards sustainable finance by launching a range of green products and services across its branches. These include green mortgages, sustainability-linked financing, consumer loans for electric vehicles, and low-emission housing loans, reinforcing the bank’s commitment to driving the green transformation across all aspects of its business.

NBK Group’s ESG strategy is built on a robust four-pillar framework, with a central focus on facilitating the transition to a sustainable economy and advancing sustainable finance in the region. A key pillar of this strategy is "Responsible Banking," which outlines the bank’s commitment to achieving net-zero emissions across its products, services, and financing solutions by 2060. This approach underscores NBK’s dedication to offering environmentally responsible options to its customers while playing a pivotal role in shaping the region’s sustainable future.

NBK maintained its leadership in sustainability by successfully issuing its first green bonds totaling USD 500 million.

Demonstrating its unwavering commitment to sustainability, NBK has fully integrated ESG standards into its investment strategies and decision-making. The bank has undertaken significant initiativesto support the United Nations Sustainable Development Goals (SDGs), including joining the United Nations Global Compact (UNGC), the largest global initiative promoting responsible business practices.

Furthermore, for the second consecutive year, the Bank has achieved a "C" score in Combating Climate Change and Forest Protection categories from CDP. This notable achievement establishes NBK as the only bank in Kuwait to earn a CDP rating, a recognition awarded by the global non-profit organization renowned for overseeing the world’s premier environmental disclosure platform. This accolade further affirms NBK’s position among the leading financial institutions in the GCC that champion the highest standards of environmental stewardship.