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NBK launches taskforce on climate-related financial disclosures

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KUWAIT: In an unprecedented move as the first and only bank in Kuwait, the National Bank of Kuwait published its first annual Taskforce on Climate-Related Financial Disclosures Report (TCFD) for the year 2024. This report emphasizes NBK’s awareness about the importance of following a proactive approach to incorporate climate considerations into its decision-making process and comes as a response to continued transparency requirements about climate-related risks and their potential impact on businesses.

This report echoes NBK’s pioneering role and institutional approach towards fully incorporating sustainability in its operations and businesses, in line with its environmental, social, and institutional governance strategy, and in compliance with its continuous efforts to align its financial disclosures with the best practices within internationally recommended climate-risk frameworks. Moreover, the report evaluates the extent to which the bank’s non-retail portfolio is exposed to climate-change risks, how its mitigating impact, and the opportunities climate change provides as per the recommendations of the TCFD.

The report also explores several achievements by NBK in the field of sustainability in the year 2024, including issuing its debut $500 million Green bond, which is the first of its kind among local financial institutions. In addition, it highlights NBK’s sustainable asset, which reached $5 billion as of end of December 2024 and constitutes 50 percent of its aim to reach $10 billion by 2030.

It also points to the initiatives that NBK presented in 2024 that aim to minimize the impact of climate change, accelerate the transformation into a low-carbon economy, support green projects, and enhance economic flexibility in facing environmental crises.

Additionally, the report outlines NBK’s development of an innovative approach aimed at integrating climate- risk with the internal capital adequacy assessment process (ICAAP) in line with pillar 2 capital requirement, which reflects NBK’s commitment to organizational resilience and business continuity.

In the report, the bank also states the objectives for the year 2025, including incorporating environmental, social, and institutional governance measures in its credit evaluation process of current and new corporate clients as well as conducting a comprehensive evaluation of their ESG performance, particularly with regards to mitigating and adapting to climate-risks. The National Bank of Kuwait strives to enhance its capabilities to support transformation plans for its clients and provide sustainable financial solutions, while expanding its sustainable retail offers that include eco-friendly auto loans and eco-friendly residential loans.

In 2024, NBK institutionalized its process of aligning its standards with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). This comes as part of its awareness of the significant impact that climate change could have on its operations, customers, and the broader financial landscape, and as part of its commitment to factoring climate-related risks and opportunities into its strategy to ensure preparedness for future changes. Recognizing the essential role of appropriate management of climate-related risks and opportunities in enhancing governance resilience, NBK skillfully manages the balance of environmental, social, and corporate governance issues in its strategic and operational decisions.

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Iran Embassy opens condolence book to honor victims of Zionist aggression

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KUWAIT: The Embassy of the Islamic Republic of Iran in Kuwait opened a condolence book, on Monday, to honor the victims of the recent aggression against Iran. The event was attended by officials, ambassadors, and media. Iranian Ambassador to Kuwait Mohammad Toutounchi expressed his appreciation for the positions of the Gulf Cooperation Council (GCC) countries, especially Kuwait, regarding the recent events, noting that Kuwait’s Foreign Minister had called his Iranian counterpart in a gesture that reflects the strength of bilateral relations, describing the presence of ambassadors at the embassy as “Noteworthy and Positive.”

The ambassador said in a statement that his country endured twelve days of intense aggression by the Zionist entity, joined by the United States in the final two days, explaining that Iran faced simultaneous attacks from countries equipped with nuclear capabilities and advanced technology, backed by NATO. He emphasized that the planners of this aggression had expected Iran to collapse within days. However, “The unity of the Iranian people inside and outside the country formed a formidable barrier.” He added that US intervention came only after ten days of failed efforts to achieve any ground breakthrough.

Toutounchi revealed that the number of victims exceeded 620 martyrs, with more than 5,356 wounded, including 13 children and 43 women, some of whom were pregnant, adding “Seven hospitals, six health centers, and dozens of ambulances were destroyed. These martyrs cannot be replaced whether they were children, military leaders, or academics, calling for the Zionist entity and the United States to be held accountable before international bodies to prevent such crimes from recurring.

Regarding Iran’s nuclear program, the ambassador reiterated Iran’s commitment to the Nuclear Non-Proliferation Treaty (NPT), pointing out that the country’s nuclear program, which represents less than 3 percent of global peaceful nuclear activities, has undergone over 23 percent of international inspections. He argued that this high inspection rate indicates no deviation toward military objectives.

He disclosed that Iran had recently agreed to five rounds of indirect negotiations aimed at reviving the diplomatic track and ensuring the peaceful nature of its nuclear program. He also stressed that Iran’s response against US military and intelligence bases in Qatar was a legitimate act of self-defense and was not directed at any neighboring countries, affirming Iran’s full respect for their sovereignty. He noted that Iran had communicated with Qatari leadership to clarify its position, stating that military bases in neighboring countries used by US forces cannot be considered safe havens for launching attacks.

Meanwhile, the Iraqi Ambassador to Kuwait Al-Manhal Al-Safi expressed his deep gratitude to Kuwait’s leadership, government, and people for facilitating the return of over 3,000 stranded Iraqi citizens by issuing more than 3,500 transit visas in just 12 days. The Iraqi ambassador affirmed his country’s full solidarity with Iran and condemned the aggression, revealing that Zionist aircraft had breached Iraqi airspace, prompting Baghdad to file an official complaint with the UN Security Council.

In the same context, the Sudanese Ambassador to Kuwait Awadal-Karim Al-Rayah Balla offered his condolences to Iran, describing the incident as “A blatant and unacceptable attack.” He called for regional unity to confront shared challenges, emphasizing that the targeting of Iran threatens all free peoples in the region. He urged a joint response to protect stability and to revive the Palestinian cause as a priority. The Sudanese envoy also pointed to the double standards in the international system, calling for crises to be addressed through international legitimacy rather than the imposition of forceful agendas.

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Exit permit now mandatory for expat workers

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KUWAIT: A decision mandating expatriates working in the private sector to obtain an exit permit with the prior approval of their employers comes into effect on Tuesday, July 1, 2025. Employees need to apply through the Sahel app or the Public Authority of Manpower’s website. The employer must then approve the request online before the authority issues the permit. The decision applies to private sector employees who have residency under article 18. Those who have article 19 residency – self-sponsored – are not required to obtain the exit permit.

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410 students benefit from Educational Care Bank project

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KUWAIT: Al-Safa Charitable Society announced that 410 students across various educational stages have benefited from the Educational Care Bank project for the 2024-2025 academic year. The initiative, implemented in collaboration with the General Secretariat of Endowments, provided a total of KD 100,000 (approximately $330,000) in educational support within Kuwait. Chairman of Al-Safa’s Board of Directors Mohammad Al-Shaya said in a press statement on Monday that the project reflects a shared commitment to supporting future generations by creating an educational environment free from financial obstacles. He emphasized that the initiative also aims to alleviate the financial burden faced by low-income families amid ongoing economic challenges.

Al-Shaya praised the General Secretariat of Endowments for its continued sponsorship of impactful and innovative projects that serve the community, particularly those focused on education. He noted that the Secretariat’s support for this program underscores its strong belief in education as a cornerstone for societal advancement and sustainable development. He added that Al-Safa Charitable Society, through this partnership, seeks to nurture a knowledgeable and responsible generation capable of contributing meaningfully to national development. The project, he explained, targets students who face difficulty in paying tuition fees, reaffirming the association’s belief in the right to education for all—without discrimination or financial barriers. — KUNA

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