SICO Publishes Latest GHG Report

15/05/2023SICO 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 2022, SICO's carbon emissions witnessed a 17% increase, totaling 669.336 Mt CO2e. This growth can be attributed to the extension of its disclosure boundaries, which now encompass operations in Saudi Arabia, in addition to Bahrain and the UAE. Factors contributing to this increase include expanded business travel and employee commuting as COVID-19 measures relaxed.

SICO further improved the transparency of its GHG reporting by including additional disclosures in the latest report. These include figures from the Saudi office, documentation of district cooling value, actual paper consumption figures, and partial release of purchased goods and services data. The report also accounts for emissions from SICO’s new offices, as the relocation occurred during the reporting period.

Examining the breakdown of the total GHG emissions for 2022, scope 1 emissions remained relatively stagnant compared to the previous year, at 210.796 Mt CO2e. Scope 2 emissions increased from 28% to 47% of total emissions, amounting to 317.38 Mt CO2e, while scope 3 emissions experienced a 7% increase in their share, reaching 141.16 Mt CO2e. Notably, emissions per employee, representing 62% of the workforce, stand at 7.44 Mt, which is below Bahrain's GHG intensity rate per capita. Furthermore, the scope 1 and 2 emissions per employee fall below the figures of the financial sector across the GCC, recording 3.62 Mt CO2e.

In line with the Bank’s commitment to Sustainable Development Goals (SDGs) and its pursuit of carbon neutrality, it has partnered with Cool Effect to offset its carbon emissions this year. Specifically, it has chosen the "For the Birds" project in South Carolina, which supports the preservation of natural habitats, forest environments, watershed conservation, and provides educational opportunities for local communities and tourism. This project aligns with multiple SDGs, including numbers 4, 8, 11, 13, 14, and 15.

SICO remains steadfast in its dedication to measuring, reducing, and offsetting its environmental impact. It strives to contribute positively to the global sustainability agenda and encourages other organizations to join this vital endeavor.

For the full report in English & Arabic, click here