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ABK pledged support to KNPC’s Clean Fuels Project

18 April 2022

ABK pledged support to KNPC’s Clean Fuels Project

Al Ahli Bank of Kuwait (ABK), pledged its support to Kuwait National Petroleum Company (KNPC)’s new green initiative - ‘Clean Fuels Project’. The project aims to reduce carbon emissions and pollution by using products and services that meet strict environmental standards.

As part of its commitment to KNPC’s ‘Clean Fuels Project’ ABK lit up the façade of its Head Office in hues of green to raise awareness about the initiative reaffirming itself as an advocate of environmental sustainability taking steps to drive a culture of consciousness within the Bank and communities where it operates.

Commenting on the initiative, Mr. Loai Muqames, CEO of ABK – Kuwait said: “As a socially responsible group, ABK is proud to support the ‘Clean Fuels Project’ launched by Kuwait National Petroleum Company. There is a need for acute awareness on the subject and to adopt favourable habits to protect our planet and create a better quality of life for future generations. This ambitious project from KNPC will further enhance Kuwait’s position in the global oil refining industry. To help raise awareness about this new initiative, we are lighting our headquarters building green and promoting the campaign through our social media channels.”

The milestone initiative, which targets producing high-quality oil derivatives, aims to reduce emissions and environmental pollutants in compliance with international environmental requirements. Through this project, KNPC will undertake measures that include cutting Nitrogen Oxide, Sulphur Oxide, and other pollutants, while simultaneously increasing the capacity of KNPC’s two refineries producing eco-friendly oil by-products to 800,000 barrels per day.

The Kuwait Vision 2035 is intrinsically linked to global goals and factors by adapting them to the United Nations Sustainable Development Goals (SDG’s) 2030 agenda. Kuwait has made extensive concerted efforts towards building environmental sustainability awareness and achieving the goals of its national development plan. The ‘Clean Fuel Project’ is a significant step forward in this direction.

Mr. Muqames added: “We are committed to fostering social, economic and environmental sustainability. We will continue implementing several programs to reduce our carbon footprint, reflecting our steadfast commitment to inculcating a culture of awareness. These initiatives are essential in the broader context of climate change. Our recently launched Sustainability Report is aligned with global ESG standards, Global Reporting Initiative (GRI), UN Sustainable Development Goals (SDGs), the New Kuwait - Vision 2035, and is available on our website. We will continue to operate with a culture of transparency and effectiveness to ensure long-term sustainability and value for our customers and shareholders. We hope our efforts will educate and influence our employees, partners, peers and others to take necessary actions towards protecting the environment.”