TASHKENT, Uzbekistan, February 12. Sustainability agency Fitch has awarded Joint-Stock Commercial Bank Uzbek Industrial and Construction Bank (UICB) an ESG-entity rating of “3” and a rating of “59”, the agency said, the agency told Trend.
This rating highlights UICB's commitment to strengthening its sustainability strategy, with a particular focus on expanding green lending and achieving carbon neutrality. However, the rating also reflects challenges such as limited emissions disclosure and exposure to high-emitting sectors.
UICB, based in Tashkent, Uzbekistan, provides a wide range of services, including commercial and retail banking, securities and foreign currency operations, as well as loan and guarantee origination. The bank’s sustainability strategy aligns with its ESG and sustainable development policy, emphasizing sustainable finance and supporting the environmental transition.
As part of its sustainability efforts, UICB has allocated a portion of its lending to green projects, such as energy-efficient buildings, equipment, and clean transportation solutions for both retail and corporate customers. The bank has set an ambitious goal to increase the share of green loans in its total portfolio to 30 percent by 2030, up from approximately 9 percent at the end of 2023.
UICB's environmental profile demonstrates established policies on resource conservation and sustainable operational practices, though it faces challenges such as limited disclosure on Scope 3 emissions and higher consumption of certain energy sources. The bank has set a goal to achieve carbon neutrality in Scopes 1 and 2 by 2030, but it currently lacks comprehensive long-term environmental commitments, such as decarbonizing its loan portfolio.
The bank has also demonstrated strong efforts to promote inclusivity and gender equality. While the turnover rate remains low, indicating employee satisfaction, female representation in senior management positions is still limited.
UICB’s governance structure is solid, with clear responsibilities distributed across supervisory and management boards. The bank adheres to international governance standards, ensuring strong oversight and effective decision-making processes.