Top Saudi bank SABB outlines new ESG strategy
RIYADH, September 13, 2022
Leading Saudi bank SABB has announced its new strategy towards environmental, social, and governance practices (ESG), which forms one of the main pillars of its 2025 strategy. It is aimed at supporting sustainable development within the kingdom and proactively manage social impact.
Under this strategy, SABB aims to concentrate on for sustainable development in the kingdom and the region as a whole with key steps. These include:
*Developing products and services to support our clients transition journey
*Allocating finance towards green and sustainable businesses as this becomes one of the largest sector globally
*Working with the industry and other banks to develop taxonomy and guidelines to standardize ESG taxonomy across the financial sector
*Educating the staff and the market at large on the topic of ESG
On the new development, CEO and Managing Director Tony Cripps said: "As one of the largest financial institutions in the kingdom, we are committed to supporting the government’s vision in its path to achieve this transformation, which will push companies to invest in technology, and grow their businesses with sustainability as the main driver."
Cripps emphasized the importance of the financial sector’s commitment to drive ESG practices within the kingdom and the pivotal role that SABB will play in this field, supporting the Vision 2030, and the ambition to achieve Net Zero carbon emissions by 2060.
Highlighting the ESG areas, Cripps said: "We aspire to lead in this field, not only for SABB, but also to establish a platform spearheading the financial sector to move forward in implementing environmental, social and governance."
"ESG is one of the most important global trends, with keen interest from all stakeholders, especially investors. As a financial institution, we must contribute to supporting the development of ESG and encourage responsible investments, and responsible lending in the kingdom," he added.-
TradeArabia News Service
