BankDhofar pioneers hybrid fleet transition in Oman's banking sector

Zawya

10 hours ago

MUSCAT: In a landmark move for the Sultanate's financial industry, BankDhofar has announced the transition of its operational vehicle fleet to hybrid electric models, becoming the first bank in Oman to adopt this sustainability-driven initiative. This step reinforces the bank's position as a leader in environmental innovation and aligns with the national goals outlined in Oman Vision 2040.
The transition involves replacing the bank's existing petrol-powered vehicles with 25 Hybrid cars, recognized for their superior fuel economy and lower carbon emissions. These vehicles emit just 98 grams of carbon dioxide per kilometer, a significant reduction from the 167 grams emitted by the previously used models. This shift translates into a 41 percent decrease in emissions per vehicle.
BankDhofar estimates that its new fleet will collectively avoid over 76,000 kilograms of carbon dioxide emissions each year, equivalent to the environmental benefit of planting nearly 1,900 trees annually. Over a five-year period, this reduction will amount to approximately 380,880 kilograms of CO₂, effectively matching the environmental benefit of removing 83 conventional gasoline-powered vehicles from the road for a full year.
Commenting on the milestone, Ammar Askari, Head Customer Experience & Sustainability stated, 'This transition reflects our resolve to lead by example. By cutting emissions by 76 tons annually, we're not just reducing our carbon footprint—we're investing in Oman's future.' He added, 'The Hybrid cars efficiency proves that eco-friendly choices can also drive operational excellence. This is a win for our planet and our stakeholders.'
The initiative underscores BankDhofar's strategic commitment to sustainability, a value enshrined at every level of its operations. As detailed in its 2024 Sustainability Report, the bank has institutionalized Environmental, Social, and Governance (ESG) principles across all tiers of leadership, ensuring that sustainability is not a side project but a core business priority. The hybrid vehicle rollout is the latest in a series of measures designed to help BankDhofar contribute meaningfully to Oman's transition to a Net Zero economy by 2050, in line with the Paris Agreement on Climate Change.
Beyond its internal operations, BankDhofar continues to invest in green finance, energy efficiency, water conservation, and waste reduction initiatives, demonstrating that responsible banking is not only possible but essential in today's financial landscape. This first-mover step also positions the bank favorably among customers and investors who increasingly prioritize climate-conscious practices, while ensuring it remains ahead of potential future regulations such as carbon taxation or emissions mandates.
Through initiatives like this, BankDhofar continues to reinforce its identity as a forward-thinking, sustainability-led financial institution, committed to creating long-term value for its customers, shareholders, and the communities it serves.