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Addendum to Riyad Bank’s Sustainability White Paper
Sector-Specific Interim Emission Reduction Targets
Riyad Bank remains committed to driving the transition toward a low-carbon economy by supporting key industries in reducing their emissions. As part of this commitment, we are proud to be the first bank in the Kingdom of Saudi Arabia to announce interim sectoral emissions targets. These targets are aligned with the IEA Net Zero Emissions by 2050 (NZE) World Energy Outlook 2023 (WEO 2023) reference scenario, ensuring they reflect global best practices and science-based pathways for emissions reductions.
Furthermore, these targets represent activity that has been ongoing for a number of years, building on Riyad Bank’s sustained efforts to integrate sustainability into its financing and investment strategies. Through proactive  engagement with clients and industry stakeholders, we have been facilitating the transition to lower-carbon operations in the power and iron & steel sectors.
Power Sector
·       2023 baseline emissions intensity: 188 tCO2/GWh (Scope 1 + 2)
·       IEA 2030 Interim Net Zero Point: 186 tCO2/GWh
·       2030 Target: 186 tCO2/GWh (Scope 1 + 2)
Iron & Steel Sector
·       2023 baseline emissions intensity: 1.4 tCO2/t Steel (Scope 1 + 2)
·       IEA 2030 Interim Net Zero Point: 1.4 tCO2/t Steel
·       2030 Target: 1.3 tCO2/t Steel (Scope 1 + 2)

By setting clear, measurable interim targets in line with the IEA NZE WEO 2023 reference scenario, Riyad Bank reinforces its leadership in sustainable finance and strengthens its role in supporting the Kingdom’s broader sustainability agenda.  We will continue working closely with our clients, stakeholders, and industry partners to drive measurable progress towards net-zero emissions in alignment with Saudi Vision 2030 objectives.