Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Reduced scope 1 and 2 carbon emissions by 31% compared to 2020.

Social Achievements

• Increased female staff ratio above local labour market averages in the GCC.
• Launched a digital MSME financing platform in collaboration with Beehive.

Governance Achievements

• Established a Board Sustainability Committee in December 2021.
• Incorporated Sustainability KPIs into departmental Key Performance Indicators.

Climate Goals & Targets

Environmental Challenges

• Incomplete data on GHG emissions from alternative energy in leased buildings.
• Increase in scope 1 emissions from company cars due to easing of Covid-19 restrictions.

Mitigation Strategies

• Engaging with landlords to obtain data on alternative energy usage.
• Implementing measures to limit carbon emissions, including moving to more energy-efficient offices.

Supply Chain Management

Responsible Procurement

• Supplier code of conduct requiring compliance with relevant legislation and ethical behavior.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards - Core Option

Third-party Assurance: Limited assurance engagement with BDO LLP

UN Sustainable Development Goals

• SDG 6: Clean Water and Sanitation

Support for WellFound in Sierra Leone to improve access to clean water and sanitation.

Sustainable Products & Innovation

• Sustainable World Fund (Article 9 compliant)

Environmental Metrics

ESG Focus Areas

• Economic value
• Financing and investment activity
• Climate change
• Equity, diversity and inclusion
• Human capital development and wellbeing
• Financial system stability

Environmental Achievements

• Reduced scope 1 and 2 emissions by 1.5% relative to 2022 and by approximately 19.1% relative to 2020. Emissions per FTE decreased by 7.9% year-on-year, and approximately 31.6% lower than the 2020 baseline.
• Nearly eliminated single-use plastic bottles from offices.

Social Achievements

• Increased group-wide female representation to 31% in 2023.
• Launched the Jammaz Al Suhaimi Future Executive Graduate Programme and Scholarship Programme.
• Adopted the UN Women’s Empowerment Principles.

Governance Achievements

• Operationalisation of the Board Sustainability and Climate Change Committee.
• Reduced the number of policies within GIB Saudi Arabia by approximately 50%.

Climate Goals & Targets

Environmental Challenges

• Reducing environmental footprint due to reliance on national grids' electricity and slow solar panel installation processes.
• Incomplete data for scope 3 emissions across all business activities and supply chain.
• Gap between what organizations say they are doing and what they are actually doing – ‘greenwashing’.
• Managing climate-related risks in its wholesale banking portfolio (physical and transition risks).

Mitigation Strategies

• Implementing energy enhancement measures in several GIB offices (e.g., energy-efficient LED lights).
• Working on addressing data gaps for scope 3 emissions through estimation methodologies.
• Embedding the Sustainable and Transition Finance Framework to ensure rigorous review and assessment of sustainable transactions.
• Conducting an extensive sector heatmapping exercise to identify climate risks across its wholesale banking portfolio.

Supply Chain Management

Responsible Procurement

• Supplier code of conduct

Climate-Related Risks & Opportunities

Physical Risks

• Acute and chronic climate events

Transition Risks

• Changes in policy, regulation, technology and customer sentiment

Reporting Standards

Frameworks Used: GRI Standards

Third-party Assurance: BDO LLP (limited assurance on quantitative performance metrics)