Riyad Bank, one of the leading financial institutions in the Kingdom of Saudi Arabia (KSA), has announced today the launch of its Sustainability strategy in a white paper, setting a new standard for sustainability in the regional banking sector.
The white paper outlines Riyad Bank’s approach, choices, and methodology that underpins the strategy in a transparent and collaborative manner so that others may benefit from our experience.
The strategy is aligned with the Kingdom’s Vision 2030 and its commitment to net zero by 2060, the strategy includes ambitious goals for sustainable finance, emissions reduction, and community engagement.
Key highlights of Riyad Bank’s Sustainability Strategy include:
The bank aligns with KSA’s national targets, aiming to achieve net zero emissions by 2060, with an ambitious interim target of net zero for its own operations (Scope 1 and 2) by 2035.
- Internal 2030 sector targets:
Riyad Bank has established its scope 3 financed emissions baseline and set science-based interim decarbonization targets for the Power and Iron & Steel sectors.
- Sustainable Finance Leadership:
The bank aligns with KSA’s national targets, aiming to achieve net zero emissions by 2060, with an ambitious interim target of net zero for its own operations (Scope 1 and 2) by 2035.
- Industry Partnerships Expansion:
Riyad Bank plans to deepen its engagement with leading sustainability initiatives, including the Partnership for Carbon Accounting Financials (PCAF), the UN Global Compact, CDP, and the Principles for Responsible Banking (PRB).
The Bank has enhanced its existing robust ESG governance framework, with increased oversight at the board and management levels, integrated KPIs, and incentivized sustainability performance.
The strategy emphasizes enhanced community engagement and initiatives, focusing on creating a positive social impact.
Riyad Bank's Sustainability strategy is accompanied by a comprehensive 3-year roadmap for the bank's sustainability journey, setting a clear path for the bank to create long-term value for its stakeholders and contribute to a sustainable future for the Kingdom and the region. To know more about Riyad Bank's Sustainbility Strategy
