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The fourth pillar of our strategic model outlines the Group’s ESG philosophy and our approach to minimizing the environmental impact of our operations.
As an industry leader, Jahez is committed to integrating an Environmental, Social, and Governance (ESG) roadmap into its daily activities to foster long-term success and positive impact within its sphere of influence. Our unwavering commitment to ESG principles ensures accountability and transparency and serves to boost top-line growth, increasing consumer trust and attracting investor interest. The Group is steadfast in developing ESG roadmaps aligned with global Sustainable Development Goals (SDGs), stakeholder interests, and long-term growth objectives, integrating them into our policies, practices, and overall strategy.
A bold new path to ESG
To realize this vision, the Group has developed a high-level ESG Roadmap for 2023-2026, envisioning socially responsible and sustainable practices across its operations for the next few years. This strategy focuses on aligning business operations and future aspirations with economic viability, environmental protection, and social responsibility. The roadmap prioritizes delivering significant upfront benefits to the Group while addressing its core values of sustainability, innovation, trust, passion, excellence, and respect.
Our ESG roadmap focuses on implementing impactful ESG policies identified for the Group, enhancing the overall governance infrastructure to fully encompass all material ESG principles. A thorough and robust greenhouse gas (GHG) emission reduction transition plan for the duration of the roadmap will see us contribute significantly to taking on the challenges posed by climate change.
The first area of focus for Jahez’s ESG roadmap is prioritizing governance from 2023 to 2026 in a bid to elevate the Group’s ESG status, reputation, and rating, fostering investor trust and building a collaborative corporate culture. As we are still laying the foundation for this decidedly complex endeavor, it will no doubt take some time to bear fruit, but our stakeholders can rest assured that our approach to ESG is scientifically sound.
Greenhouse gas emissions inventories is the second area of focus for Jahez’s ESG roadmap. During the year under review, our sustainability team began a comprehensive data gathering exercise for greenhouse gas emissions (GHG) inventories, given that emissions are the main environmental impact of concern for the Jahez Group. These inventories were calculated using the GHG Protocol Corporate Accounting Reporting Standard and the GHG Protocol Corporate Value Chain Accounting Reporting Standard.
We have established initial baselines, which will be updated between now and 2026, in preparation for the next steps in emissions management aimed at reducing emissions considerably. In line with the roadmap, we are focusing our energies in 2024 towards reaching data maturity by the end of the year, which will help facilitate our ambitious reduction transition plan through more precise emissions inventories that enable greater environmental transparency for all stakeholders. This entire exercise is of the utmost importance to Jahez as it is our main environmental initiative involving the participation of all subsidiaries and venture capital investments, and we are proud to note that Jahez is ahead of its peers in this sphere.
Since 2022, Jahez has engaged in an impactful recycling drive as part of a waste reduction initiative. As part of this endeavor, we launched a corporate recycling program at our Riyadh headquarters with a view to extending it to other branches and in line with our overarching ESG strategy. Various recyclable materials are routinely collected under this initiative as mixed recyclables waste. A tree-planting platform is also available to our customers since 2022.
A reverse vending machine (RVM) was installed in October 2023 which, as of January 2024, has collected over 2,000 plastic bottles in total. The initiative saw a donation/reward distribution of 49% and 51% respectively. Raising awareness on recycling is a key objective in this exercise. Jahez also conducted a study with a number of academic entities on consumer behavior with regard to RVM recycling.
Developing effective and integrated ESG programs that are reflected in a robust ESG score is a long and complex process requiring commitment and consistent effort. Our ESG roadmap is designed to deliver the fastest possible progress while laying a solid foundation for all future programs.
Sustainability Report 2023
Await a more detailed update on our ESG initiatives in our upcoming Sustainability Report