GIB Releases its First Taskforce for TCFD Report
by: BTM - Fri, 02 Feb 2024
In line with the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD), Gulf International Bank B.S.C. (GIB) issued its first TCFD report where it provides information on its governance, strategy, risk management and the metrics and targets it uses in climate-related activities.
As many organisations are becoming aware of the importance of adopting sustainable business guidelines, banks are also exposed to climate-related risks and opportunities through their lending and other financial intermediary activities as well as through their operations. The purpose of this report is to explain how GIB manages these risks and opportunities so its stakeholders can make informed financial decisions.
Commenting on the Report, GIB’s Chief Sustainability Officer, Venetia Bell, says: “The publication of this report marks the completion of GIB’s initial phase of work implementing the recommendations of the Taskforce for Climate-related Financial Disclosure at a group level. Having disclosed for a number of years for our UK-based subsidiary, GIB Asset Management, we have been working to expand our approach to cover the entire group. We are proud to be amongst the first regionally head-quartered firms to have made group-wide TCFD disclosures on a voluntary basis.”
Tags #btm february 2024 #business in bahrain #business news bahrain #business bites #bahrain business bites #esg reporting middle east #gulf banking climate strategy #bank sustainability report #venetia bell gib #environmental risk management #sustainable finance Bahrain #climate-related financial disclosure #gulf international bank bahrain #gib tcfd report
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