Embracing Collective Sustainable Action
The GCC nations, particularly Bahrain, Saudi Arabia, and the UAE are actively aiming towards net zero carbon emissions in the next 20-30 years by adopting renewable energy sources such as solar and investing in green hydrogen efforts. With these commitments as the foundation, the GCC is well-positioned to have a substantial influence on climate change mitigation through its combined efforts and regional coordination towards its targets.
Beyond individual initiatives, GCC nations are encouraging collaboration to hasten the energy transition. The Middle East Green Initiative and the Middle East Green Hydrogen Alliance show the GCC states' joint commitment to driving sustainable development. Regional cooperation attempts to reach ambitious ESG goals by exchanging best practices, technical breakthroughs, and investment possibilities.
Our home country of Bahrain aspires to be at the core of GCC's sustainability. The government has committed to cutting emissions by 30% by 2035 and reaching net zero emissions by 2060 through new investments in renewable energy and the development of carbon capture utilization and storage (CCUS) solutions. In doing so, we became the third GCC country after the UAE and Saudi Arabia to officially announce a climate mitigation strategy that includes an ambitious plan for afforestation and the creation of large swathes of green areas through the planting of trees and the development of public parks and gardens throughout the Kingdom.
SICO is a proud participant in the greening of Bahrain through the National Initiative for Agricultural Development (NIAD)’s ‘Forever Green’ campaign. We initiated the first tree planting campaign in 2019 and made our third contribution to the project in 2022 with the planting of 1,194 trees along Bahrain’s 16th of December Avenue. We decided to be more proactive by reporting on our carbon footprint before it became a regulatory requirement – we launched our second annual greenhouse gas report this year – because we believe in transparency and in setting clear targets for everything that we want to achieve as a business.
At SICO, we recognize the growing importance of environmental, social, and governance (ESG) factors in investment decision-making and the need to align our operations with international best practices. Our mission has always been to inspire, enable, and create sustainable value for our stakeholders, clients, people, and the communities we serve. With the introduction of our Responsible Investment Policy, we are taking a proactive step to integrate ESG considerations into our investment process. By doing so, we aim to gain a deeper understanding of the potential risks and opportunities associated with our investment portfolio and contribute to the creation of long-term value.
The Responsible Investment Policy reflects our commitment to aligning with applicable laws, mitigating risks associated with climate change, fostering gender equality, supporting local community development, and emphasizing sound corporate governance. By engaging with companies and representing the interests of our clients effectively, we aim to drive positive change and create sustainable outcomes.
Our commitment to environmental stewardship is unwavering, and we strive to inspire change within our industry by adopting sustainable practices and transparent reporting. As we navigate the evolving economic landscape and embrace sustainable investing, I am confident that our dedication to innovation, prudence, and responsible practices will enable us to adapt and prosper together.
Thank you for your continued trust and support.