NBK is the first bank in Kuwait to join the Partnership for Carbon Accounting Financials (PCAF)
This turning point in the bank’s sustainability journey reinforces its commitment to responsible banking, in line with its goal of achieving carbon neutrality by 2060.
The Partnership for Carbon Accounting Financials (PCAF) initiative aims to help financial institutions reduce GHG emissions by providing globally harmonized methodologies for measuring and disclosing GHG emissions from all asset classes within their loan and investment portfolios. These asset classes include listed shares and corporate bonds, business loans, unlisted shares, project finance, commercial property, mortgages, car loans and sovereign debt.
The initiative was launched globally in 2019, with the first bank disclosures on greenhouse gas emissions issued in 2018 following its initial launch in Europe in 2015. The initiative currently includes around 480 financial institutions around the world. These members include commercial banks, development banks, asset owners/managers, insurance companies, and other financial institutions that are collaborating to mitigate the climate impact associated with their financial activities, thus accelerating the transition to net zero.
Commenting on this achievement, Mr. Amir Hanna, Head of Investor Relations and Group Communications at National Bank of Kuwait, said: “We are pleased to join PCAF and contribute to the collective efforts of financial institutions around the world to mitigate the effects of climate change by promoting the adoption of a consistent framework for measuring financed emissions, which is an element Critical to accelerating our efforts towards more sustainable practices.
Hanna added that NBK’s participation in the PCAF initiative will facilitate the identification, measurement and disclosure of emissions associated with its financing activities in a standardized manner, enhancing comparison with industry peers. This will contribute to informed decision-making based on consistent and comparable data, providing the Bank’s key stakeholders with transparent and reliable metrics to monitor the Bank’s progress in implementing its ESG strategy.
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