Riyad Bank leads the way in sustainability with comprehensive ESG strategy

Riyad Bank, a leading financial institution in Saudi Arabia, has launched a white paper outlining its sustainability strategy, setting a new standard for sustainability in the regional banking sector.

“The white paper shares our approach, our choices, and the methodology that underpins our strategy in a transparent and collaborative manner so that others may benefit from our experience,” Riyad Bank said in a statement.

The strategy is aligned with the Kingdom’s Vision 2030 and its commitment to net-zero by 2060. It includes ambitious goals for sustainable finance, emissions reduction, and community engagement.

Key highlights include:

• Net-zero by 2060: Aligning with Saudi Arabia’s national targets, the bank aims 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: The bank has established its scope 3 financed emissions baseline and set science-based interim decarbonization targets for its power and iron and steel sectors.
• Sustainable finance leadership: The bank has set a target of SR20 billion in sustainable finance volume by 2030, demonstrating its commitment to financing projects and initiatives that contribute to a sustainable future. 
• Expanding industry partnerships: The bank will increase engagement with leading sustainability initiatives, including the Partnership for Carbon Accounting Financials, the UN Global Compact, CDP, and the Principles for Responsible Banking. 
• Strong ESG governance: 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. 
• Community engagement: 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 three-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.