Ramallah-(BNEWS)- Bank of Palestine Group has published its periodic Sustainability Report for the years 2022/2023 under the theme "A Green and Sustainable Future."
This report marks the first of its kind for the Group and the second for Bank of Palestine itself. The new report highlights the sustainability performance of Bank of Palestine and its subsidiaries. The report is certified by the Global Reporting Initiative (GRI).
With the release of this report, Bank of Palestine Group has achieved a remarkable milestone in the Palestinian banking sector. The report comprehensively covers the performance of the Group’s companies, which provide both financial and non-financial services, during which the bank withstood tremendous operational challenges while staying true to its sustainability strategy and commitments.
The report encompasses an added focus on environmental aspects of sustainability with emphasis on achieving KPIs related to reducing the carbon footprint providing attention to scope 1 and 2 with plans towards creation of frameworks for scope 3 in cooperation with the credit department at the bank. The focus on environment comes after the bank conducted stakeholder engagements to establish materiality matrix, where stakeholders put high emphasis on the environmental stewardship of the bank.
The report was issued amid challenging political and economic conditions, including the devastating war on Gaza, which has significantly impacted various economic sectors. However, Bank of Palestine Group has remained steadfast in its commitment to sustainability, redoubling efforts to serve the environment and society while reinforcing its corporate social responsibility to meet the urgent need of communities in Gaza and the West Bank.
Chairman of the Board, Mr. Hashim Shawa, reinforced the bank’s continued adherence to principles of sustainability as the bank embarks on implementing its 5-year corporate strategy placing emphasis on alignment of this strategy with the sustainability strategy. Mr. Shawa stated “that despite the difficult challenges facing the Palestinian economy, Bank of Palestine Group remains committed to its sustainability goals. Our journey toward a greener and more sustainable future continues, no matter the obstacles. Our commitment stems from a deep belief in the fundamental role of sustainability and purposeful conduct of business in economic growth and progress. True prosperity cannot be achieved without sustainability at its core."
Dr. Tafeeda Jarbawi, Chairwomen of the Bank’s Sustainability Committee, hailed the release of the Bank’s first Sustainability Report as a milestone in its sustainability journey. She underscored that despite the escalating political, economic, and social challenges resulting from the war on Gaza, the Bank remains committed to aligning its operations with stakeholder expectations. "We have never operated in isolation from our customers, employees, and shareholders. Our progress and success are measured by how effectively we address their aspirations and priorities. By engaging them in shaping our sustainability strategy, we have gained valuable insights that have helped us refine our focus on key sustainability issues."
Mr. Mahmoud Shawa, General Manager of Bank of Palestine, highlighted the efforts of the Bank and its group of companies to elevate commitment to sustainability at group level, making sustainability a common language across all subsidiaries, adding that “Our structured and strategic approach reflects our long-term vision for sustainability. We are committed to setting a benchmark for sustainable banking in Palestine, and every milestone we achieve fuels our ambition for even greater progress. Our ultimate goal is to ensure a green and sustainable future for generations to come."
