NBB signs MoU with MOIC to promote sustainable industrial practices

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

The National Bank of Bahrain (NBB) has signed a Memorandum of Understanding (MoU) with the Bahrain Ministry of Industry and Commerce (MOIC) to collaborate on the Green Factory Seal Programme.

The partnership signifies the shared commitment of NBB and MOIC to promote sustainable practices within the Kingdom’s industrial sector.

Launched by the MOIC, the Green Factory Seal Programme incentivises factories towards environmental responsibility by offering the seal to those fulfilling at least one of the following criteria: reducing waste by reusing 10% of it in production, utilising 10% of their total energy consumption from green sources, implementing and reporting on ESG policies, operating a dedicated carbon capturing unit, employing a system to monitor air and environmental pollutant emissions, or possessing a system to calculate greenhouse gases (GHG).

Abdullah bin Adel Fakhro, the Minister of Industry and Commerce, highlighted the Government’s commitment to providing the necessary support for the growth and sustainability of the industrial sector, given its role in driving development in line with the Industrial Sector Strategy (2022-2026).

NBB Group CEO Usman Ahmed expressed his pride to partner with the Ministry of Industry and Commerce as the first Bank to promote the Green Factory Seal programme.

This collaboration aligns with the Bank’s commitment to promote sustainability and the low-carbon economy, based on its strategic focus on ESG principles.

Manufacturing units that achieve the Green Factory Seal by adhering to regional and international sustainable manufacturing best practices will benefit from NBB’s tailored financing incentives.

He also added that through this initiative, the Bank aims to empower manufacturers to embrace sustainable practices, contributing to a greener future for Bahrain and the region.