Saudi Awwal Bank (SAB), formerly called Saudi British Bank (SABB), has become the first bank in Saudi Arabia to join as an official Signatory of the UN Principles for Responsible Banking (UN PRB), reaffirming its commitment to sustainable finance.
The UN Principles for Responsible Banking is a single framework for creating a sustainable banking industry, developed through a partnership between banks worldwide and the United Nations Environment Program Finance Initiative (UNEP FI).
SAB aims to commit to the ambitions of the Principles, developed by a group of global banks and the United Nations to establish a framework for sustainable banking practices. Signatories commit to aligning their business strategies with the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change, and to work with clients and customers to help achieve these goals.
Tony Cripps MD & CEO SAB
“The challenges we face as a global community require a collective effort from all stakeholders, including financial institutions. SAB is committed to being an active responsible corporate citizen and contributing to the sustainable development of our society. We are proud to be an early adopter of the Principles for Responsible Banking and look forward to sharing our experiences and best practices with other banks around the world. Together, we can create a more sustainable future for the next generations.”
As a signatory to the Principles for Responsible Banking, SAB will take on a leadership role to work with other banks to promote sustainable finance, share best practices and work together on practical guidance for the banking industry. The bank will regularly report on its progress toward achieving the goals of the Principles and engage with stakeholders on sustainability issues.
SAB has already taken significant strides towards sustainable finance, including launching a green finance program to support environmentally friendly projects in Saudi Arabia. The bank also has a comprehensive Environmental, Social, and Governance (ESG), focused approach.
