November 2022

The Saudi British Bank (SABB) participated in the Saudi Green Initiative Forum under the theme "From Ambition to Action" as part of the Global Climate Summit "COP 27" held in Sharm El Sheikh, Egypt, continuing the bank’s efforts and effective contributions in the environmental, social, and governance (ESG) field.

Mr. Tony Cripps, Managing Director and CEO of SABB, spoke about the Kingdom’s movement towards sustainability and SABB's commitment to these principles, as well as its role as a leading financial institution in supporting various institutions in the public, private and non-profit sectors to achieve sustainable development and providing supportive financing solutions for our corporate clients. He also commended the Saudi Central Bank for its role in regulating and assisting the financial sector toward achieving sustainable growth in line with the Kingdom's Vision 2030 and highlighted current collaboration with the Saudi Central Bank in forming an ESG advisory committee to drive a standardized set of ESG taxonomies and green solutions.

Mr. Cripps also emphasized that SABB is committed to allocating capital to sustainable loans and green funds, especially given the growing interest of institutions in the Kingdom to implement sustainability principles and standards, including financial solutions in their various forms, such as loans, bonds, deposits, and green funds, as these markets have grown exponentially over the past years.

SABB’s participation comes from its pioneering role in environmental projects, most notably the implementation of its initiative to plant one million trees across the Kingdom, the largest environmental initiative in the financial sector, in cooperation with Murooj Foundation, the executive arm of the National Center for the Development of Vegetation Cover and Combating Desertification. ESG and sustainability are key to SABB’s 5-year strategy, along with supporting new projects that will help the Kingdom achieve a more sustainable future.