Climate Change Data

Kuwait Financial Centre K.P.S.C. (Markaz)

Climate Impact & Sustainability Data (2020-2021, 2022-01 to 2023-12)

Reporting Period: 2020-2021

Environmental Metrics

Total Carbon Emissions:38 MT CO2e (Scope III, 2021)
Scope 3 Emissions:38 MT CO2e (2021)

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Recycled 2,000 kg of paper, saving 43,000 US gallons of water, 9,964 kWh of energy, and 7.56 MT CO2e of GHG emissions.
  • Installed electric vehicle charging stations at two properties.

Social Achievements

  • Increased female employment by 5% (27% to 30%).
  • Increased number of females in managerial positions.
  • Maintained a 45% Kuwaitization rate.
  • Conducted Markaz Graduate Development Program (MGDP) virtually at 87% lower cost.

Governance Achievements

  • Strengthened corporate governance framework.
  • Zero cases of workplace COVID-19 transmission.
  • No confirmed incidents of corruption, fraud, money laundering, or bribery.

Climate Goals & Targets

Environmental Challenges

  • COVID-19 pandemic and its impact on global and local markets.
  • Economic slowdown caused by the pandemic.
Mitigation Strategies
  • Activated Business Continuity Plan (BCP) for remote operations.
  • Monitored markets and adjusted client portfolios.
  • Maintained communication with stakeholders through digital channels.
  • Implemented remote working tools and services.
  • Enhanced IT infrastructure.

Supply Chain Management

Responsible Procurement
  • Focus on local procurement of furniture and decoration.
  • Ensuring timely payments to suppliers with no deductions.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core option, UN Sustainable Development Goals (SDGs), Kuwait National Development Plan (KNDP), Boursa Kuwait ESG Reporting Guide

Third-party Assurance: RSM Albazie Consulting W.L.L

UN Sustainable Development Goals

  • Goal 1
  • Goal 2
  • Goal 3
  • Goal 4
  • Goal 5
  • Goal 8
  • Goal 9
  • Goal 10
  • Goal 11
  • Goal 12
  • Goal 13
  • Goal 16

Initiatives aligned with UN SDGs and Kuwait National Development Plan (KNDP).

Sustainable Products & Innovation

  • iMarkaz investment app
  • New Residents’ Services Portal

Awards & Recognition

  • Best Corporate Social Responsibility Award in Kuwait (2020)
  • Best Asset Manager in Kuwait (2020, 9th consecutive year)
  • Best Investment Bank in Kuwait (2020, 2021)
  • Sustainability Award in the Middle East (2021)
  • MENA Real Estate Asset Manager of the Year (2021)

Reporting Period: 2022-01 to 2023-12

Environmental Metrics

Total Carbon Emissions:1,668.43 tCO2e
Scope 1 Emissions:0 tCO2e
Scope 2 Emissions:721.34 tCO2e
Scope 3 Emissions:947.09 tCO2e
Renewable Energy Share:Not disclosed
Total Energy Consumption:1,422,506.86 kWh
Water Consumption:4,834.13 m3
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Reduced air travel emissions by 63% from 2022 to 2023
  • Recycled 18% of paper used in 2022 and 2023
  • Recycled 70% of plastic waste in 2022 and 2023

Social Achievements

  • Increased female employment by 8% from 2022 to 2023
  • Increased percentage of females in managerial positions to 18.4% in 2023
  • 42% of Markaz Graduate Development Program participants offered employment
  • Conducted 46,294 hours of employee training in 2022 and 2023
  • Contributed KD 278,397 towards community engagement in 2022-2023

Governance Achievements

  • Successfully navigated Regulatory Inspections in 2023 without penalties
  • Conducted over 1,200 hours of anti-money laundering training in 2022 and 2023

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Increased employee turnover rate to 12.06% in 2023
  • Global economic headwinds and market volatility
Mitigation Strategies
  • Proactive monitoring and evaluation of employee retention and turnover metrics
  • Comprehensive risk management framework to assess, mitigate, and manage various risk categories
  • Robust Business Continuity Plan to prevent or recover from disruptions

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Prioritizing local suppliers (80% in 2022, 79% in 2023)

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • SDG 8
  • SDG 13
  • SDG 16

Alignment with UN SDGs through various initiatives

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Best Investment Bank in Kuwait (Global Finance)
  • Best Local Investment Bank (EMEA Finance)
  • Best Asset Manager (EMEA Finance)
  • Excellence in Real Estate Investment (MEED)
  • MENA Investment Bank of the Year (MEED)