NBK titled as Best Bank in Middle East for ESG-Related Loans

By Arya M Nair, Official Reporter
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NBK as Best Bank for ESG-related loans
Rep.Image | Courtesy: NBK

National Bank of Kuwait (NBK) has been named the Best Bank in the Middle East for ESG-Related Loans in 2024, as announced by Global Finance in its fourth annual Sustainable Finance Awards.

This annual survey conducted by Global Finance recognizes global and regional leadership in Sustainable Finance-funding for initiatives designed in 2023 to mitigate the negative impacts of climate change and help build a more sustainable future for humanity.

Criteria for evaluation included governance policies and goals as well as measurable achievements in environmental and social sustainability financing.

Winners have been chosen in areas such as overall sustainability financing, excellence in bond issues, community support, resource management, transparency & reporting, infrastructure, and emerging-markets sustainability funding.

In recent years, NBK Group has undertaken significant measures to embed ESG standards into the core of its business, operational procedures, and corporate culture.

The Group has also streamlined its ESG strategy, transitioning from a six-pillar approach to a more integrated framework consisting of four interconnected pillars: Governance for Resilience, Responsible Banking, Capitalizing on our Capabilities, and Investing in our Communities.

Furthermore, NBK spearheaded initiatives to capitalize on the growing trend towards sustainable financing, launching services and products geared towards the green transition process across all its locations. These include offerings such as green mortgage loans, consumer loans for electric vehicles, financing options related to sustainability, and low-emission housing loans.

Additionally, the Bank has established a target to decrease gross operational emissions by 25 percent by 2025 compared to the levels recorded in the reference year of 2021. Moreover, NBK’s headquarters achieved the prestigious gold certification in the Leadership in Energy and Environmental Design (LEED Gold) accreditation, underscoring its commitment to environmental sustainability and energy efficiency.

NBK’s sustainability endeavors form a crucial component of its overarching strategy aimed at becoming carbon neutral by 2060 and its ambitious goal of achieving net zero operationally by 2035.

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