Our absolute energy consumption fell by 4% in 2024 versus the previous year and by -6.3% on a per FTE basis. The 4% decline in energy consumption marks a significant improvement compared to the 9% year-on-year increase recorded in 2023. This progress was supported by notable reductions in the energy usage across our Bahrain, Algeria and Brazil operations, posting year-on-year reductions of 8%, 10% and 15% in 2024, respectively. These three countries contributed to 33% of the Group’s total energy consumption in 2024.
The various initiatives that helped reduce our energy consumption across the network, included the replacement of florescent lighting with LED lights in Bahrain, Egypt, Algeria, Tunisia, London and Brazil. In addition, lighting motion detectors were installed in Bahrain and Tunisia. Additionally, Tunisia also installed a voltage regulator to minimise the voltage taken from the grid. Meanwhile in Brazil, window film was replaced with blinds to reduce heat and excessive use of air conditioning.
Energy from renewable sources comprised 15.9% of the Group’s total energy consumption in 2024, a marginal decline from the previous year. Brazil and London operations used renewable energy procurement arrangements equivalent to 100% of their energy needs, while Jordan sourced 79% from a Bank ABC commissioned solar farm. This was a decrease from the 100% sourced by Jordan in 2023. This decline was due to a rise in their primary energy demand and a 9.1% reduction in energy generation from their solar farm. Despite this,
Jordan’s solar farm avoided 1,293 t CO2e by not sourcing this energy from Jordan’s electricity grid. The Bank’s Frankfurt and Singapore operations sourced 12% and 5%, respectively, of their energy from renewables. The renewable energy sourced for our London operation was procured via REGO certificates, a crucial market-based mechanism that encourages the scaling of renewables in the UK. An equivalent mechanism, known as International Renewable Energy Certificates (I-REC) were procured in Brazil, equivalent to the Bank’s electricity consumption in the country. Consequently, market-based emissions were zero for both locations. While we continue to explore more opportunities to expand our sources of energy from renewables, infrastructure limitations, especially in the MENA region, remain a constraint.