National Bank of Kuwait (NBK) has released its ninth annual Sustainability Report for 2024, emphasizing its commitment to sustainable growth. The report highlights the bank’s achievements in environmental, social, and governance (ESG) initiatives.
The document outlines NBK’s strategic ESG efforts from 2024, detailing its progress in addressing sustainability challenges and integrating climate risk into its enterprise risk management framework. The report is organized around four main ESG pillars: Governance for Resilience, Responsible Banking, Capitalizing on Our Capabilities, and Investing in Our Communities.
In terms of governance, NBK made significant advances by joining the Partnership for Carbon Accounting Financials (PCAF), becoming the first financial institution in Kuwait to do so. It also continued its involvement with the United Nations Global Compact (UNGC). Furthermore, NBK released a report aligned with the Task Force on Climate-related Financial Disclosures (TCFD) framework and developed an Environmental and Social Risk Management (ESRM) framework.
Under Responsible Banking, NBK’s sustainable assets reached US$ 4.97 billion by the end of 2024. A notable achievement was issuing green bonds valued at US$ 500 million. Additionally, NBK extended sustainable loans totaling US$ 2.52 billion and installed solar panels across 18 branches.
For Capitalizing on Our Capabilities, NBK reinforced equal opportunities within its workforce and launched several initiatives to support women leaders. The bank introduced new digital solutions via the NBK Mobile Banking App and invested in professional development programs for employees.
In Investing In Our Communities, NBK increased community investments to KD 30 million in 2024. It supported local entrepreneurs through loans to SMEs amounting to KD 25.04 million and maintained a Kuwaitization rate of 78%. Initiatives like the Bankee program aimed at enhancing financial literacy were expanded.
NBK participated in international conferences such as COP29 in Baku and COP16 in Riyadh to discuss global sustainability strategies.
