With over 70 thousand participants from 198 countries, Kuwait Finance House (KFH) is taking part in the 28th Conference of Parties (COP28) which is taking place from 30 November to 12 December at Expo City, Dubai. KFH’s participation is part of its commitment towards supporting sustainability initiatives, countering climate change implications, and promoting the role of green finance.

COP28 brings together presidents, country leaders, senior officials and chief executives from international financial institutions and private sector to take part in the United Nations Development Program (UNDP) and contribute to creating opportunities for sustainable and green change.

KFH Group Deputy General Manager Public Relations and Media, Yousef Al-Ruwaieh said that the participation in COP28 underlines the importance of the Islamic Finance sector in sustainability, noting that sustainable finance is prioritizing businesses that support the environment, while considering ESG standards and the United Nations Sustainable Development Goals (SDGs), which are at the core of all KFH’s social responsibility initiatives.

“KFH is playing a prominent role in social responsibility projects, contributing to consolidating the concept of sustainable development and making substantial progress in integrating sustainability elements into all its operations,” said Al-Ruwaieh. “Sustainability has become an intrinsic part in the various elements of KFH’s strategy.”

Green Zone

Al-Ruwaieh said that KFH's pavilion is located in the Green Zone, adding that the Bank is organizing many events such as "COP-Talk" sessions in partnership with the UNDP. The sessions aim to shed light on enhancing dialogue and cooperative engagement towards climate change, sustainable development, and environmental preservation, while focusing on the private sector and the role of green finance in supporting the UN Agenda 2030. They also highlight the contribution and alignment of Islamic Finance principles with the global sustainable goals.

Sustainability panel discussions

He added that KFH will take part in various panel discussions to address key topics such as sustainable development and Islamic Finance, investment and green finance, climate innovation, public-private partnerships, regulatory frameworks, and controls for environmental initiatives. The discussions will also highlight the role of Islamic finance education in promoting sustainability within communities. KFH will shed light on its substantial role in sustainability through a presentation in Kuwait’s pavilion.

Al-Ruwaieh noted that the panel discussions contribute to reinforcing an understanding of the challenges and solutions related to climate change, encouraging partnerships for sustainable initiatives, and identifying actionable strategies for financing and green investment. They also garner momentum towards climate change actions and developing sustainability policies.

Keep it Green Initiative

He pointed out that KFH’s (Keep it Green) Initiative has supported the Bank’s progress towards implementing the sustainability and environment preservation strategy, capping off these efforts by signing a number of 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.

Al-Ruwaieh went on to say that KFH has launched an internal initiative to disseminate awareness and reduce the use of plastic among employees by replacing plastic water bottles with insulated stainless-steel ones, reducing the number of plastic bottles by 78% within 6 months.

He added that KFH was the first bank in Kuwait to launch the smart bank cards, which are 85.5% made of recycled plastic. Additionally, KFH is the first bank to receive GSAS Gold certification for KFH Auto showroom, which complies with sustainability standards.

He explained that KFH’s sustainability initiatives stand out for their inclusive approach, encompassing various areas such as the environment, youth, education, health, sport, people with special needs, as well as voluntary and humanitarian efforts. The Bank’s initiatives also support youth and innovators' projects, affirming KFH’s prominent leadership in sustainability and reflecting its position as the largest bank in Kuwait and a leading Islamic institution worldwide.

Global recognitions

Al-Ruwaieh concluded his statement by highlighting KFH’s global recognition for its sustainability endeavors for which it has received various prestigious global awards in 2023 such as the “Sustainability” Award in the Middle East from EMEA Finance magazine and the “Best Bank for Sustainable Finance” from Global Finance.