KUWAIT: National Bank of Kuwait (NBK) participated in the sixteenth session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD) which is taking place in Riyadh, Saudi Arabia, from December 2 to 13 2024, to discuss global efforts to combat desertification and land degradation. NBK’s participation in this key event underscores its commitment to supporting global efforts to find urgent solutions for desertification, land degradation and drought.

COP16 is the largest-ever meeting of the United Nations Convention to Combat Desertification (UNCCD), with an action-packed agenda to drive multilateral action on land degradation, drought and desertification. Dignitaries, policymakers, global institutions, businesses, NGOs, and key stakeholders are arriving in Saudi Arabia’s capital ahead of a critical conference to accelerate global land restoration and drought resilience initiatives.

Bolstering global drought resilience is a focal point of COP16 Riyadh, as it hosted the high-level One Water Summit to address global water scarcity and water challenges, as well as to enhance global water governance. COP16 represents a game-changer, marking a renewed global commitment to accelerate investment and action to restore land and boost drought resilience for the benefit of people and planet.

The UNCCD COP16 involves several high-profile summits, ministerial dialogues, and announcements to address the pressing challenges associated with land degradation and drought, accelerate international action on drought resilience, and ensure a more cohesive and proactive global approach to tackling drought.

COP16 in Riyadh is the first UNCCD conference to be held in the Middle East region, the first to feature a Green Zone and the largest multilateral conference ever hosted by Saudi Arabia. According to the UNCCD, land degradation affects nearly 40 percent of the planet and impacts the lives of over 3.2 billion people. Every year 100 million hectares of land are degraded, with drought frequency and intensity has increasing by nearly a third since 2000.

NBK’s participation in this pivotal global event, as well as its recent participation in the 29th United Nations Climate Change Conference (COP29), held in Baku, Azerbaijan, underscore its commitment to promoting unified action across both the public and private sectors to effectively combat climate change and desertification.

It is worth mentioning that over the past years, NBK has made significant strides in embedding Environmental, Social, and Governance (ESG) standards into its operations and core business activities, emphasizing that these principles are integral to the bank’s business strategy and corporate culture, including targeting a $10 billion sustainable asset portfolio by 2030 and a 25 percent reduction in operational emissions by 2025.

As part of its commitment to integrating ESG standards into its investment activities, NBK has reached notable milestones, including joining the United Nations Global Compact (UNGC), the world’s largest initiative for responsible business practices, and the Partnership for Financial Carbon Accounting (PCAF). Through these initiatives, NBK has become the first bank in Kuwait and one of only 13 banks in the MENA region to align with leading global financial institutions in measuring and assessing greenhouse gas (GHG) emissions linked to their lending and investment portfolios.