ShareKUWAIT: In its ongoing commitment to promoting environmental sustainability principles, Gulf Bank actively participated in the International Horticultural Exhibition, Expo 2023, hosted in the Qatari capital, Doha. The exhibition, themed “Green Desert, Better Environment,” is scheduled to conclude on March 28, 2024. During the conference organized by the Kuwait Pavilion, under the theme “The Role of the Private Sector Towards Sustainability,” Ahmed Al-Amir, the Deputy General Manager of Corporate Communications at Gulf Bank, delivered a presentation on Monday, titled “Environmental, Social, and Governance (ESG) and Sustainability Progress.” The lecture centered around a comprehensive framework of standards and components aimed at enhancing organizational capacity and fostering an understanding of governance management strategies.
Al-Amir emphasized Gulf Bank’s close collaboration in supporting and advancing the national sustainability agenda aligned with Kuwait Vision 2035. The bank strategically implements initiatives that effectively contribute to a sustainable approach within the community. This is achieved by adopting responsible practices with a proactive stance, delivering distinguished financial and banking services, and offering innovative digital solutions to its customers.
Funding projects
Al-Amir highlighted Gulf Bank’s significant contribution to funding sustainable development projects, highlighting its position as a leading financial institution in Kuwait and the region. The bank has actively participated in financing a diverse array of sustainable development initiatives, such as the “Al-Shagaya” renewable energy project and the Clean Fuels project.
2024/2030 strategy
On the flip side, Al-Amir highlighted the bank’s endeavors to solidify sustainability principles both internally and externally. This effort materialized in the release of the third annual Sustainability Report, showcasing noteworthy accomplishments in environmental, social, and governance domains. The bank also introduced its ESG 2024/2030 strategy, serving as the foundational framework for sustainability efforts in the upcoming phase. Additionally, a high-level sustainability committee, chaired by a Board of Directors member, was established to oversee program implementation, and facilitate advanced training for leaders. Sustainability stands as a central emphasis across all facets of the bank’s operations and services.
Reusable bags
He further highlighted that, in collaboration with five major Cooperative Societies and the Environment Public Authority in Kuwait, the bank initiated a significant environmental sustainability effort. This initiative aims to foster a societal shift towards the use of reusable bags, reducing reliance on plastic bags. The initiative aligns with Goal No. 17 of the sustainable development goals, highlighting the importance of enhancing implementation methods through extensive state-level partnerships across different sectors.
Internal initiatives
Furthermore, Al-Amir mentioned Gulf Bank’s continuous dedication to the annual Environment Month initiative, organized by the Scientific Center. This involvement encompasses activities commemorating World Recycling Day, World Water Day, World Aquatic Animals Day, and World Health Day.
Additionally, Al-Amir highlighted various initiatives implemented within the bank to cut-down on greenhouse gas emissions, decrease paper usage, advocate for environmental cleanliness, reduce waste, and shift towards energy-efficient lighting.
Developing environmentally friendly branches
He pointed out that, as part of an ambitious plan to make its branch network environmentally friendly and increase reliance on renewable energy, the bank has renovated several branches, including its headquarters in the capital. This includes the opening of the first fully environmentally friendly branches in the Sabah Al-Ahmad area.
Recycling e-waste
Moreover, Al-Amir mentioned that the bank has maintained its dedication to recycling e-waste (electronic waste), by partnering with a specialized recycling company, ensuring the safe disposal of around 22.3 tons of electronic waste.
He concluded by emphasizing, “At Gulf Bank, we prioritize implementing the highest standards of Environmental, Social, and Governance (ESG) sustainability to ensure that our operations, initiatives, and investments align with the optimal sustainability model both now and in the future.”
Gulf Bank’s vision
Gulf Bank aspires to be the leading financial institution in Kuwait, fostering an inclusive and diverse environment for its employees to deliver exceptional customer service, while ensuring a commitment to sustainable community initiatives. With an extensive network of branches and cutting-edge digital services, customers have the flexibility to choose how, and where, they conduct their banking transactions, ensuring a seamless and efficient banking experience.
In alignment with its support for Kuwait Vision 2035, known as “New Kuwait,” and its dedication to collaborate with various stakeholders to achieve these goals, Gulf Bank is steadfast in driving significant advancements in sustainability across environmental, social, and governance (ESG) realms. This commitment is realized through a range of strategically selected sustainability initiatives, both within and beyond the bank.
It is noteworthy that the International Horticultural Exhibition, Expo 2023 Doha, is currently featuring participation from 80 countries, alongside numerous organizations, non-governmental entities, international experts, private sector companies, universities, and laboratories. The event anticipates a total of 3 million visitors, hosting significant conferences, workshops, and discussions to innovate global solutions. The focus is on addressing issues such as desertification, climate change, and sustainability challenges, with a particular emphasis on utilizing modern technologies for resource sustainability.
• Our close collaboration aims to strengthen and hasten the national sustainability agenda, in alignment with Kuwait Vision 2035.
• We actively contribute to fostering a sustainable approach within the community through carefully selected initiatives.
• The 2024/2030 strategy serves as the fundamental framework guiding our sustainability efforts in the upcoming phase.
•An ambitious initiative has been launched to foster a societal shift towards the use of reusable bags.
• The launch of our first fully environmentally friendly branch marks a significant step, and we are currently improving sustainability across our branch network and main building through continuous development initiatives.
