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. As part of the updated sustainability framework, the Group identified three core pillars in 2023:
Environmental Performance & Climate
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.
Human Capital Development Through Technological Innovation
Fundamental to stc Group’s sustainability practices are initiatives that advance human capital by creating opportunities for growth that bridge societal divides through technological innovation. These social investment initiatives enrich the lives of customers, empower stc Group employees, and contribute to community development in impactful ways.
- Enriching the Lives of Customers: Through its trade-in program, stc Group ensures customers are offered affordable and sustainable devices.
- Empowering stc Group Employees:
- In 2023, women comprised 64% of the Group’s Talent Incubation Program hires and held 18% of our Board seats, contributing to a 31.6% overall hiring rate for women.
- The Group also increased the number of employees with disabilities by 36.8% from 2022. As an equal opportunity employer, stc provides an inclusive work environment that attracts, develops, and retains the best and most talented individuals from all backgrounds.
- Contributing to Community Development: Investment and development in communities at stc Group is paramount, and in 2023 focused across six key areas: Education, Environment, Sports & Health, Entrepreneurship, Community Development, and Youth Empowerment. One key program in 2023 supported 446 non-profits through a Technical Enablement Program (TEP), supporting operational efficiency and reduced technical operational costs across 50 cities, saving these non-profits more than SAR 56 million.
Strong Governance & Ethical Excellence
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.
Source: Press Release