Gulf International Bank (GIB) announced a 19 per cent reduction in greenhouse gas emissions since 2020, exceeding its target for emissions reduction per employee by 7.9pc in 2023.

This progress is detailed in the bank’s groupwide Sustainability Report for 2023, which highlights GIB’s commitment to Environmental, Social, and Governance (ESG) principles.

The report outlines GIB’s strategic approach to sustainability, disclosing its activities and initiatives in accordance with Global Reporting Initiative (GRI) standards.

While falling short of its 2.5pc annual emissions reduction target in 2023, GIB remains committed to its long-term goals. The bank is taking further steps towards environmental sustainability by installing solar panels at its Bahrain office.

GIB achieved a significant milestone in gender diversity, reaching its ambitious three-year target of 31pc female representation in its workforce.

The report also details GIB’s Group Sustainability Framework, ensuring sustainability is embedded throughout the bank’s operations and offerings.

Additionally, the framework outlines GIB’s Sustainable and Transition Finance Framework, adopted in 2023, which classifies and manages financing for sustainable projects, including green and social bonds.

GIB chairman Abdulla Al Zamil expressed optimism about the future of sustainable finance, citing government commitments to net-zero and investments in projects like NEOM and the Red Sea.

“Banks like GIB are well-positioned to support this transition,” he said, highlighting opportunities in low-carbon infrastructure, green building, and sustainable metals.

The bank’s group chief executive and board member Abdulaziz Al Helaissi echoed this sentiment, acknowledging concerns about “greenwashing” but emphasising the importance of robust sustainability frameworks. “We look forward to a surge in sustainable finance in 2024,” he concluded.

 

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