KUWAIT ONLY APPLIES TWO OF THE EIGHT ENVIRONMENTAL GOVERNANCE CRITERIA

  • 21/10/2022

Kuwait City: According to an Oxford Business Group study, Kuwait's economy met only two of the eight criteria it set to determine the extent to which Gulf economies meet sustainability standards, particularly environmental governance standards. The first criterion to which Kuwait is committed is in the form of general sustainability goals, and the reason for this is the criterion's link to the development plan "New Kuwait Vision 2035," which set among its goals a diversified sustainable economy, as the executive plan to achieve this goal included the implementation of 24 projects, with the last project to be completed by 2029. 


As for the second standard that Kuwait met, it was the requirements for corporate sustainability disclosure. This is because Boursa Kuwait established guidelines for listed companies on how to create corporate and social and environmental governance reports and encouraged them to do so in advance of their commitment. 

However, the study praised the Central Bank of Kuwait's initiatives to promote banking transactions being completed through digital channels, which helps to implement environmental governance standards. The study found that the testing environment for financial companies' products, the standards for digital payment solutions, the establishment of a cybersecurity framework, and the recent approval of the establishment of fully digital banks all began in 2018. 

The Kuwaiti banks are attempting to overcome the low level of commitment of the rest of the Kuwaiti business sector as a result of their association with foreigners more than others on two different fronts: the first is through foreign investors in the banks' issuance of international bonds, which Kuwait urgently needs to comply with capital adequacy standards, and the second after foreigners have become significant investors in the shares of the majority of Kuwaiti banks after the upgrade.

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