KUWAIT CITY, April 30: Warba Bank issued the sustainability report for the year 2023, which explains the impact of the environmental, social and economic aspects and provides transparency about the Bank’s contribution to sustainable development.

On this occasion, Mr. Shaheen Hamad Al-Ghanem, CEO of Warba Bank, said: “With the continues worldwide growth in sustainability and the necessity of applying it, which has become one of the most important factors in evaluating institutions in all sectors locally and internationally, today we are launching the Warba Bank Sustainability Report 2023, which focuses on the effective integration of sustainability indicators and elements to enhance the ability to address any challenges. This enables the Bank to achieve the highest standards of service.” He stated that Warba Bank views sustainability as an important issue and the Bank is building the necessary structure for its vision and enabling it to be at the forefront of sustainability in Kuwait.

Explaining that Warba Bank launched a journey of sustainability and sustainable growth to add value by incorporating environmental, social and governance (ESG) aspects, as the Bank aligned its objectives with the United Nations Sustainable Development Goals,pointing out that issues such as climate change, reducing carbon emissions resulting from operational activities, and financial inclusion are at the forefront of Warba Bank’s sustainability strategy. Al-Ghanem explained that the 2023 sustainability report issued by Warba Bank includes disclosures about the Global Reporting Initiative (GRI) standards and the United Nations Sustainable Development Goals, in addition to following the Central Bank of Kuwait’s guidelines on sustainable financing, the Capital Markets Authority’s sustainability report regulations, and the Kuwait Stock Exchange’s‘ Boursa Kuwait’ guide.

Al-Ghanem pointed out that sustainability reports are an important tool for companies and institutions to demonstrate their commitment to social, environmental and economic responsibility, as they help enhance transparency and trust between companies, investors and society. In addition, reports help identify matters that can be improved in the Bank’s performance, motivating it to take more sustainable and effective actions in the future, and as a tool to measure the Bank’s social, environmental and economic impact. Sustainability reports also help enhance awareness of corporate social responsibility and its role in society and the environment.Moreover, reporting helps companies and banks to improve their reputation, manage risk and meet clients’ growing needs for sustainable products and services. Al-Ghanem stressed that we at Warba Bank are keen to monitor and measure the Bank’s performance at the level of ESG standards, and to inform stakeholders of these achievements and commitments, indicating that Warba Bank views sustainability as one of the drivers of its vision. Al-Ghanem further said that the 2023 Sustainability Report is based on the evaluation and disclosure of all sustainability standards, especially everything related to ESG standards, which includes a number of main aspects that concern our clients, shareholders, employees and society as a whole.