Gulf International Bank releases its first Taskforce for Climate-related Financial Disclosure (TCFD) report

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, Venetia Bell, GIB’s Chief Sustainability Officer, said: “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.  Whilst we have provided information on several key areas relating to the management of climate-related risk, we know there is more we need to do to articulate and implement a robust, effective climate transition plan and risk management strategy. We welcome the announcements made by regulators in several GCC jurisdictions regarding the need for financial institutions to disclose more information on climate-related risks, and we will work to enhance our approach and disclosures for 2024.”

GIB’s 2023 TCFD Report can be found here.