NBK’s Isam Al-Sager is Kuwait’s first to feature in Forbes sustainability leaders 2024

• The National Bank of Kuwait has strengthened its leadership in sustainability by successfully issuing its first green bonds worth $500 million.

Isam Jasem A. Al-Sager, Executive Officer of NBK Group, has been ranked first in Kuwait and third in the banking and financial services sector in the Middle East on Forbes magazine’s 2024 list of sustainability leaders, according to Al Jarida newspaper.

The journal was based on a set of criteria, including the comprehensive impact of sustainability initiatives at both the regional and international levels, the process of issuing sustainability reports, and environmental, social, and corporate governance reports, with a focus on transparency and accuracy.

The standards also considered changes in greenhouse gas emissions, waste management, water, energy, and other resources, as well as reliance on renewable energy and the use of energy-saving technologies.

The Forbes magazine ranking demonstrates the bank’s tireless efforts in the field of sustainability, showcasing its role as a model for the future of generations to come, along with its support for the foundations of sustainable development in Kuwait and all the markets in which it operates.

The National Bank of Kuwait (NBK) supports the foundations of sustainable development in Kuwait and all the markets in which it operates.

NBK is a pioneer in sustainability and has made significant progress in environmental, social, and institutional governance. The bank launched a comprehensive framework for sustainable finance to support and strengthen its efforts, making it a key pillar in all its business models, operational processes, and institutional culture. This initiative promotes the transition to a sustainable and low-carbon economy, aligning with Kuwait’s economic plans and aiming to achieve a sustainable asset portfolio of approximately $10 billion by 2030.

Moreover, NBK is at the forefront of banks that have embraced the global trend towards sustainable finance, launching services and products that facilitate the green transformation process across all branches of the group. These include green mortgage loans, sustainability-related financing, consumer loans for electric vehicles, and low-emission housing loans.

NBK Group’s strategy for environmental, social, and institutional governance is built on a four-pillar approach. At the core of this strategy is the commitment to supporting the transition to a sustainable economy and promoting sustainable financing in the region. One of the bank’s strategic pillars, “Responsible Banking,” defines its approach to achieving zero emissions by 2060 through the products and services it offers, as well as the financing options available to its customers.

The bank has also strengthened its leadership in sustainability by successfully issuing its first green bonds worth $500 million.

Furthermore, NBK is dedicated to integrating environmental, social, and institutional governance standards into its activities and investment decisions. The bank has taken important steps to support the United Nations Sustainable Development Goals (UN SDGs) by joining the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative for responsible business practices.

Additionally, the bank recently received a “C” classification for its efforts in combating climate change and forest protection in 2023 from the Carbon Disclosure Project (CDP) for the second consecutive year. NBK is the only bank in Kuwait with a classification from the CDP, a global non-profit organization that manages the leading environmental disclosure platform. This classification positions NBK among the leading financial institutions in the GCC that adhere to the highest standards of environmental protection.