National Bank of Kuwait (NBK) has been listed on Refinitiv AFE Low Carbon Select Index in the Middle East and North Africa (MENA) launched this October in cooperation with the Arab Federation of Exchanges (AFE).
NBK ranked first among regionals banks and Kuwaiti companies in terms of the index’s weight, with 9.9 percent.
Refinitiv, one of the largest global providers of data and infrastructure for financial markets data and infrastructure, has launched the new index comprising 30 publicly traded companies across the MENA region. The new index represents an ESG benchmark for listed regional companies, offering investors the opportunity to commit capital to companies that actively promote low carbon activities across their business operations in the region.
On this occasion, Mr. Salah Al-Fulaij, NBK Chief Executive Officer-Kuwait said: “NBK’s strategy to achieve sustainability is a key pillar of the bank’s success story. Over many years, and across all our activities, we have succeeded in presenting an outstanding example for achieving sustainable development through leading ESG practices."
"We are delighted to be listed on Refinitiv AFE Low Carbon Select Index, and to hold the index’s largest weight among regional banks and Kuwaiti companies. This provides a real opportunity for investment institutions around the world desiring to invest in companies that promote ESG standards across their business operations in the MENA region," he added.
Al-Fulaij continued: “Earlier this year, NBK moved to its new headquarters building, which we consider a cornerstone in our way to achieve our environmental protection goals as part of our integrated strategy to achieve sustainable development. The new NBK HQ is a guiding beacon for everyone in the area of green buildings, being designed and constructed in full compliance with Leadership in Energy and Environmental Design (LEED) Gold standards.”
Al-Fulaij affirmed that the environmental dimension is actively considered in all NBK activities as we strive to improve operational efficiency to reduce GHG Emissions, and through its digital transformation strategy, as it seeks to provide digital banking services and e-payment solutions that contribute to environmental conservation.
Al-Fulaij highlighted that National Bank of Kuwait plays a key role in promoting sustainable development in Kuwait, as it represents the funding partner of the Kuwaiti government in implementing development and environmental projects, on top of which are the Clean Fuel Project (CFP), solar energy projects, Kabd Solid Waste Treatment Plant, and Sewage Treatment Plant, in addition to financing housing, water desalination and hospital construction projects.”
It is worth mentioning that NBK is the only Kuwaiti bank to be selected as a constituent of FTSE Russell’s FTSE4Good Index, widely regarded as one of the world’s leading Environment-Social-Governance (ESG) indices. The index is a key tool in helping investors identify companies and banks that meet globally recognized sustainability standards.
Over the past year, NBK has succeeded in reducing direct GHG emissions from sources owned and controlled by the bank by 7% on an annual basis.
The Bank’s sustainability strategy is based on the following six key pillars:
- Serving Customers
- Caring for Our Environment
- Contributing to Sustainable Economic Development
- Respecting and Developing People
- Giving Back to the Community
- Leading in Governance
For more information about Refinitiv AFE Low Carbon Select Index, please visit the link below:
https://www.refinitiv.com/en/financial-data/indices/afe-low-carbon-select-index