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National Bank of Kuwait (NBK) has entered into a strategic partnership with DHL, the world’s leading logistics company, to use the “DHL GoGreen Plus” service, strengthening its leading position as Kuwait’s first bank to participate in this global initiative.
The partnership highlights NBKs commitment to advancing sustainability efforts in the business, culture, and operations, thereby facilitating the shift towards a sustainable, low-carbon economy, which strongly aligns with NBK’s pledge to attain carbon neutrality by 2060.
Through its participation in GoGreen Plus, NBK ensures that all its international shipments are transported using Sustainable Aviation Fuel (SAF) rather than traditional jet fuel. This transition leads to a substantial reduction in carbon emissions.
Under this strategic partnership, NBK will be awarded an annual sustainability certificate, which was announced to NBK’s Group Administration Services during the signing ceremony of the agreement.
Mr. Fahad Al-Thuwaini, GM – Head of Group Administration Services at NBK stated that, “This step is part of NBK’s efforts to move towards a sustainable future, focusing on industry-leading ESG practices, aligning with our goals of achieving carbon neutrality by 2060, and our aspiration to achieve net-zero operationally by 2035. Last year, NBK took decisive steps into embedding ESG principles into its supply chain management by revising the bank’s procurement policies and procedures, implementing a more sustainable procurement strategy and methodology.”
Makram Raad highlighted that the “GoGreen Plus” service enables DHL’s customers to mitigate the carbon emissions linked to their air cargo by utilizing sustainable aviation fuel. This fuel is produced from alternative raw materials sourced from sustainable energy, such as cooking oil, waste, and hydrogen. SAF can provide greenhouse gas emission reductions of up to 80 percent over its lifecycle compared with the conventional jet fuel it replaces.
NBK was recently awarded the Best Bank in the Middle East for ESG-Related Loans Award 2024, by Global Finance. In its fourth annual survey, Global Finance acknowledged prominent global and regional organizations for their sustainable finance initiatives in 2023, which significantly mitigated the adverse effects of climate change and fostered the development of a more sustainable future for humanity. In 2023, NBK embarked on a new trajectory in its ESG strategy by integrating ESG standards into business activities and expanding its offerings to green mortgage loans, consumer loans for electric vehicles, sustainability-related financing, and low-emission housing loans.
For the second consecutive year, NBK has upheld its robust ratings in the CDP initiative, earning a score of “C” in the categories of Climate Change and Forests in 2023. This accomplishment reinforces the bank’s prominent standing as the only bank in Kuwait to secure a rating from CDP, a global non-profit organization acclaimed for its environmental disclosure platform. This recognition positions NBK as one of the leading financial institutions in the GCC for upholding the highest standards of environmental stewardship.
