Kuwait City, May 2: Kuwait Finance House (KFH) released the first-of-its-kind Carbon Footprint report in Kuwait’s banking sector. This report solidifies KFH’s role in leading the way in sustainable banking practices and underscores its commitment to environmental responsibility within the financial industry.
The carbon footprint report equips KFH with valuable information to unlock insights and shape tailored mitigation plans for future years, leading to GHG reduction. These plans serve as a roadmap to comprehensively quantify the GHG inventory, reducing carbon emissions and advancing sustainable development. Through these efforts, KFH actively limits its environmental
impact, aligning with global initiatives to combat climate change and demonstrating its unwavering commitment to environmental stewardship as a responsible financial institution.
Chairman of KFH Group, Hamad Abdulmohsen Al Marzouq said “I am honored to present Kuwait Finance House (KFH)’s Carbon Footprint Report, a testament to our persistent dedication and unwavering commitment to placing environmental responsibility at the core of our operations.
We understand that financial prosperity goes hand-in-hand with environmental well-being. We’re not just building a better future for our customers and shareholders; we’re actively investing in a healthier planet for generations to come.”
Al Marzouq added: “Over the past few years, we’ve proudly taken significant strides in reducing our carbon footprint, firstly in promoting green finance. Our subsidiary in Turkey; KFH-Turkey has issued green Sukuk, the first-of-its-kind in Sharia-complaint finance. We’ve also transitioned to technology-driven solutions, reducing electricity and paper consumption, and enhancing KFH’s efforts towards digital transformation in line with the sustainability and environmental preservation strategy of the Bank. Our commitment to sustainable infrastructure has led to energy-efficient upgrades across KFH Group`s locations.
These achievements haven’t come without challenges. Implementing these changes requires ongoing investment, adaptation, and a shift in mindset. However, we know the stakes are higher than ever. Climate change isn’t just an environmental crisis; it’s an economic and social one. The urgency to build a resilient, low-carbon future is undeniable.”
Al Marzouq pointed out that that sustainability is a priority for KFH, thus it partnered with the United Nations Development Programme (UNDP) to set solid standards for sustainable development goals for Sharia-compliant finance, especially in green finance.
He explained that the Memorandum of Understanding (MoU) signed with UNDP establishes stronger alignments with the sustainable development goals across the Bank, as the UNDP provides technical support to facilitate investments through key tools such as the SDGs, and the Green Finance Framework.
Al Marzouq continued: “KFH launched the (Keep it Green) campaign to serve as an umbrella for all KFH sustainability initiatives. In a testament to its successful environmentally friendly initiatives, KFH Auto showroom won the GSAS Gold Level Sustainability Assessment System Certificate, the first-of-its-kind in Kuwait.
In conclusion, sustainability stands as an integral pillar of our fundamental strategy, deeply ingrained in our mission and vision. We remain steadfast in our commitment to continuously improve and will continue to explore innovative solutions and collaborations that enable us to further reduce our carbon footprint and create a lasting, meaningful impact.”
Acting Group CEO Abdulwahab Iesa Al Rushood
Meanwhile, Acting Group CEO Abdulwahab Iesa Al Rushood said: “at (KFH), we believe that financial leadership comes with environmental responsibility. We’re not just building a stronger bank; we’re building a more sustainable future for everyone.
Through its innovative initiatives, KFH is keen on making a lasting impact on society, tailoring eco-friendly financial products and services, adopting sustainable practices, and making responsible choices that contribute to a greener future. We’re actively engaging with local communities, supporting environmental protection projects, and promoting awareness about climate change solutions.”
Al Rushood added: “Our commitment to sustainability extends beyond operational changes and financial offerings. We actively advocate for responsible environmental policies, engaging with governments and regulatory bodies to ensure a level playing field and accelerate the transition to a low-carbon economy.
Given its extensive reputation, trusted commitment, and outstanding contributions, KFH holds a distinctive position in leading the sustainable finance market and capitalizing on its significant growth potential.”
He explained that within its own operations, KFH has implemented a range of innovative initiatives to enhance energy efficiency, reduce waste, and lower greenhouse gas (GHG) emissions.
Al Rushood said: “KFH took part in the 28th Conference of Parties (COP28) in Dubai. This participation is part of the Bank`s commitment towards supporting sustainability initiatives, countering climate change implications, promoting the role of green finance, and underlining the importance of the Islamic Finance sector in such efforts.
Under (Keep it Green) Initiative, KFH implemented numerous initiatives and signed several strategic partnerships to boost the sustainability efforts. These include the MoU with the UNDP, the collaboration with the Kuwait Environment Public Authority, the joint initiative with the Capital Governorate to beautify its buildings and roads, and the beach cleaning campaigns, and the cooperation with the scientific Center, a subsidiary of Kuwait Foundation for the Advancement of Sciences (KFAS) to organize a series of workshops on environment preservation and reducing plastic waste.
In conclusion, I would like to thank our shareholders, employees, customers, stakeholders, and all partners for their trust and support of KFH Group. We will continue focusing our efforts on achieving innovative sustainable solutions in all communities within our wide network.”