Safwa Islamic Bank
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:1645.57 tCO2e/year
Scope 1 Emissions:32.57 tCO2e/year
Scope 2 Emissions:1613.83 tCO2e/year
Scope 3 Emissions:Not disclosed
Renewable Energy Share:55.85%
Total Energy Consumption:11,646 GJ/year
Water Consumption:6203 m3/year
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Climate Change
- Financial Inclusion
- Social Responsibility
- Governance
- Sharia Compliance
Environmental Achievements
- Reduced CO2 emissions by 828.6 tons due to renewable energy wheeling project.
- Achieved 55.85% dependency on renewable energy in total electricity consumption.
- 60.7 tons of paper waste diverted from landfills.
Social Achievements
- Launched several community initiatives in education, poverty mitigation, sports, and culture.
- Provided JOD 49 million and JOD 198 million in loans to SMEs.
- Increased the number of female employees by 7%.
Governance Achievements
- Established a comprehensive whistleblowing policy.
- Implemented robust management systems and procedures to safeguard customer information.
- Zero material fines or penalties for non-compliance with laws and regulations.
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Reduce energy consumption by 30% by 2030.
- Source electricity from renewable sources by 2030.
Short-term Goals:
- Not disclosed
Environmental Challenges
- Climate change impacts threatening business operations (e.g., water scarcity).
- Potential negative impacts from corruption.
Mitigation Strategies
- Devising plans to incorporate climate change mitigation and adaptation into operations (TCFD aligned).
- Comprehensive policy framework outlining commitment to ethical business practices and zero-tolerance for bribery.
- Regular risk assessments, anti-corruption training, and confidential reporting mechanism.
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Supplier selection process based on quality, reliability, and sustainability.
- 99% of procurement budget spent on local suppliers.
Climate-Related Risks & Opportunities
Physical Risks
- Water scarcity
Transition Risks
- Not disclosed
Opportunities
- Development of green financial products
Reporting Standards
Frameworks Used: GRI 2021
Certifications: Null
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Goal 1
- Goal 7
- Goal 8
- Goal 13
Initiatives contribute to poverty reduction, clean energy, decent work, and climate action.
Sustainable Products & Innovation
- Green financing options
Awards & Recognition
- Not disclosed
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:5,618.59 mtCO2e (after offsetting 630 mtCO2e)
Scope 1 Emissions:40.41 mtCO2e
Scope 2 Emissions:1,623.65 mtCO2e
Scope 3 Emissions:3,954.53 mtCO2e
Renewable Energy Share:50%
Total Energy Consumption:3,545,824 kWh
Water Consumption:1,903,314.58 liters
Waste Generated:3,504 kg (paper recycled)
Carbon Intensity:7.55 mtCO2e per employee
ESG Focus Areas
- Climate Change
- Financial Inclusion
- Social Responsibility
- Governance
- Sharia Compliance
Environmental Achievements
- Reduced energy consumption from renewable resources by 7%
- Installed solar energy systems in 32 branches, resulting in 630 mtCO2e emissions savings.
- Recycled 3,504 kg of paper waste, resulting in 0.017 mtCO2e emissions savings.
Social Achievements
- Increased female representation on the Board of Directors to 18% (from 9% in 2022).
- Female representation in management positions reached 29%.
- Provided JOD 127.7 million in financing to small enterprises.
- Launched the “Future Stars” program to train university students.
- Renewed cooperation agreement with King Hussein Cancer Center.
- Signed an agreement with Injaz for Youth Education and Empowerment.
- Donated to Tkiyet Um Ali to support those in need.
- Donated to the Crown Prince Foundation to support schools in need.
- Cooperated with the King Hussein Cancer Foundation in their media campaign to fight cancer.
- Providing support to women through agreements that support women’s projects.
- Implemented employee wellbeing initiatives, resulting in a 90% return-to-work rate for female employees on maternity leave and 100% for male employees.
Governance Achievements
- Established robust ESG data management practices.
- Incorporated responsible procurement practices.
- Implemented a comprehensive policy framework outlining commitment to ethical business practices and zero-tolerance for bribery.
- Established a confidential mechanism for reporting suspected cases of corruption.
Climate Goals & Targets
Long-term Goals:
- Carbon neutrality
Medium-term Goals:
- Reduce energy consumption in facilities by 2030.
- Offset and source the majority of electricity from renewable sources by 2030.
Environmental Challenges
- Reducing energy consumption and transitioning to renewable energy sources.
- Managing Scope 3 emissions.
- Maintaining high levels of compliance with laws and regulations.
- Combating corruption.
Mitigation Strategies
- Implementing renewable energy solutions (solar power) in branches.
- Developing and implementing robust policies and procedures to ensure that SIB’s operations, products, and services are consistent with its sustainability strategy and Sharia principles.
- Implementing a confidential mechanism for reporting suspected cases of corruption.
- Regularly reviewing its portfolio and assessing the economic, social, and environmental implications of its activities, making adjustments as needed.
Supply Chain Management
Supplier Audits: 432 local suppliers out of 463 total suppliers (93%)
Responsible Procurement
- Prioritizing local suppliers (93%), ensuring compliance with Jordanian laws and regulations regarding child labor and forced labor.
Climate-Related Risks & Opportunities
Opportunities
- Financing renewable energy projects
Reporting Standards
Frameworks Used: GRI Standards
UN Sustainable Development Goals
- SDG 1: No Poverty
- SDG 7: Affordable and Clean Energy
- SDG 8: Decent Work and Economic Growth
- SDG 13: Climate Action
Initiatives align with these SDGs through financial inclusion, renewable energy investments, sustainable projects, and climate change mitigation.
Sustainable Products & Innovation
- Green financing products