Saudi Bank SABB Unveils New ESG Strategy
SABB, a leading Saudi bank, has unveiled its new environmental, social, and governance (ESG) strategy, which is one of the primary pillars of its 2025 strategy. Its goal is to promote long-term growth inside the kingdom while proactively managing social impact.
With major initiatives, SABB wants to focus on sustainable development in the kingdom and the region under this strategy. These include:
Developing products and services to assist clients in their transition.
Investing in green and sustainable businesses.
Collaborating with industry and other institutions to create a taxonomy and principles for standardising ESG taxonomy across the financial sector.
Educating employees and the market at large about ESG.
CEO and Managing Director Tony Cripps said:
"As one of the largest financial institutions in the kingdom, we are committed to supporting the government’s vision in its path to achieving this transformation, which will push companies to invest in technology, and grow their businesses with sustainability as the main driver."
Cripps stressed the importance of the financial sector's commitment to driving ESG standards throughout the kingdom, as well as the crucial role that SABB would play in this field, supporting Vision 2030 and the goal of achieving Net Zero carbon emissions by 2060.
"We aspire to lead in this field, not only for SABB but also to establish a platform spearheading the financial sector to move forward in implementing environmental, social, and governance."
"ESG is one of the most important global trends, with keen interest from all stakeholders, especially investors. As a financial institution, we must contribute to supporting the development of ESG and encourage responsible investments and responsible lending in the kingdom," he added.
Source: Trade Arabia