SICO Publishes Latest Annual GHG Report

SICO announced today the release of the latest GHG (Greenhouse Gas) report, a crucial step in measuring and monitoring its impact on the environment. The report quantifies the carbon emissions resulting from the Bank’s daily activities and operations, providing valuable insights into its environmental footprint.

In its third consecutive carbon footprint report, SICO has shown significant strides in curbing its carbon emissions, demonstrating its strong commitment to sustainability. Total carbon emissions have witnessed a remarkable decline of 32%, dropping from 669.36 Mt CO2e in 2022 to 455.5 Mt CO2e. This was reflected in a notable 46% decline from last year’s emissions and a 6% reduction from base year (2021). Notably, SICO's scope 1 emissions have experienced a drastic reduction, totaling only 7.87 Mt CO2e compared to 210.79 Mt CO2e in 2022.

Additionally, scope 2 emissions have recorded a decrease from 317.38 Mt CO2e in 2022 to 282.72 Mt CO2e. The implementation of district cooling systems in SICO's Bahrain and UAE offices, and a series of relevant measures adopted by the IT team with regards to energy efficiency have both been instrumental in reducing scopes 1 and 2 emissions compared to the previous year.

Noteworthy reductions in fugitive emissions have been achieved due to SICO Bahrain's transition to a green building, resulting in a specific reduction of refrigerants. Furthermore, the adoption of eco-friendlier district cooling systems in both Bahrain and UAE offices has contributed to a significant reduction in scope 1 emissions.

In 2023, these emissions accounted for a mere 2%, marking a substantial improvement compared to 48% and 31% in years 2021 and 2022, respectively. It is, however, important to acknowledge that SICO has experienced an increase in business travel, leading to a notable 19% increase in scope 3 emissions compared to the base year and a 17% increase compared to the previous year. Business travel now represents more than half of scope 3 emissions, constituting 53% of the total. This surge in travel highlights an area where further efforts are needed to mitigate emissions.

In alignment with SICO's commitment to sustainable practices, the company has continued its partnership with The National Initiative for Agricultural Development (NIAD)'s 'Forever Green' campaign. Under the patronage of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, SICO has completed its fourth tree-planting effort. To date, over 2,582 trees have been planted in urban areas, resulting in an estimated sequestration of 46.48 tons of CO2e. This initiative reflects the company's dedication to expanding green spaces in Bahrain and contributing to the nation's goal of achieving net-zero carbon emissions by 2060.

Together, with the support of its stakeholders, employees, and partners, SICO aims to continue to lead the way in driving sustainability and building a better world for generations to come.

For the full report, click here.