stc Group Unveils 2023 Sustainability Report, Accelerates ESG Commitments
stc Group, a leading digital enabler, launched its fifth annual sustainability report, continuing its commitment to driving forward sustainable transformation through environmental, social, and governance (ESG) excellence.
The initiatives outlined in stc Group’s 2023 Sustainability Report contribute to sustainable transformation and a future where businesses are the catalysts for protecting people and the planet.
stc Group aspires to be a global leader in environmental stewardship and has made significant progress toward its commitment to achieving net zero by 2050. This commitment has been validated and approved by the Science Based Targets Initiative (SBTi) and is supported by several environmental performance programs. Key initiatives and programs include the installation of 7 operational solar powered sites at headquarters, as well as the incorporation of energy efficiency and sustainability measures for data centers and towers. Additionally, a solar pilot project launched for 18 sites across the Kingdom. The Group has also implemented advanced power-saving technologies using artificial intelligence (AI), resulting in a 13% reduction in energy consumption across stc’s 4G and 5G networks.
stc Group is dedicated to embodying a standard ethical governance that upholds the utmost levels of integrity, transparency, and accountability. In 2023, stc Group transitioned its compliance function from legal affairs to an independent division reporting to the Chief Regulatory and Compliance Officer, ensuring programs across subsidiaries rigorously adhere to performance standards, thorough impact assessments, and responsible business practices. This included the expansion of the rawafed program, which boosts the local economy and promotes sustainable business. Through rawafed, stc partnered with 134 local SME suppliers and increased the number of local content certificates from 75 in 2022 to 582 in 2023, a 676% growth that is reflected across the local economy.
