GIB releases Sustainable & Transition Finance Framework
MANAMA, November 30, 2023
Gulf International Bank (GIB) has released its Sustainable and Transition Finance Framework to set out how GIB classifies and manages sustainable finance transactions.
Based on international best practice, it covers clear and comprehensive environmental, social and transition criteria that transactions have to meet in order for GIB to consider them to be sustainable.
Within the environmental criteria, the Framework identifies a set of ‘blue’ categories: activities that support sustainable ocean, sea and marine resources. By publishing its independently reviewed Framework, GIB demonstrates its commitment to transparency, and to sharing knowledge and approaches with its stakeholders.
Venetia Bell, Chief Sustainability Officer, commented: “It is fitting that we are publishing this document alongside COP28, taking place in Dubai, as GIB’s Sustainable and Transition Finance Framework provides us with a strong foundation for the provision of climate and transition finance, as well as social financing. We are particularly pleased to be including criteria for transition finance in this Framework.
“This is an area that has a significant need for finance to drive global net zero ambitions, but also comes with a high risk of greenwashing; by being clear on what we see as eligible transition activities and associated company-wide commitments to credible decarbonisation pathways and disclosures, we hope to boost financing flows towards transition activities.”-- TradeArabia News Service