Environmental Review

Energy Consumption

The importance of climate change sets energy consumption and respective emissions monitoring as one of the Bank’s top priorities. Energy consumption derives from:

• oil and natural gas combustion at the Bank’s buildings for heating,
• diesel and gasoline for the Bank’s own vehicles,
• electricity consumption for all operations across the Group.

The Environmental Report is available on eurobank.gr under the ESG Reporting section.

 

⁽¹⁾ In 2021 for the conversion of the quantities of heating oil and fuel in kWh, coefficients from the "CDP conversion of fuel data" (v3.3. January 2021) are used, which were also used for the restate of the 2020.
⁽²⁾ Any discrepancy is due to decimal rounding.

In 2021 total electricity consumption was at 41,395 MWh, decreased by 5.22% compared to 2020. This performance was in line with the environmental management targets set for 2021 for a 5% reduction in electricity compared to 2020.

Overall, in 2021 vs 2020, total energy consumption was decreased by 2,644MWh/ 9.52TJ (5.53%). In addition, total energy consumption per square metre of premises decreased by 5.41% compared to 2020. Additionally, the proportion of electricity consumed per total energy consumption was 91.71% in 2021, compared to 91.40% in 2020.

For 2021, 97.42% (40,327 MWh) of the Bank’s electricity consumption originated from renewable energy sources (RES), certified through “Guarantees of Origin”. This corresponds to a 1.86% improvement compared to 2020. As per the Group entities in Greece (Bank and Subsidiaries), pertinent performance was 96.71% (41,800 MWh), representing a 3.01% improvement compared to 2020. Moreover, electricity use for the Group in 2021 was 43,223 MWh (155.59 TJ), while in 2020, it was 45,557 MWh (164.00 TJ), registering a 5.12 % reduction.

The total energy consumption from renewable sources, originated from the electricity consumption exclusively, was also 40,327MWh for 2021 (2020: 41,761MWh), while from non renewable sources was 4,811 MWh¹  (2020: 6,020 MWh).

The implementation of a certified Energy Management System led to these positive results. To reduce its energy consumption, Eurobank applies a methodology based on the “Pay as You Save” model, in partnership with an energy advisor, in the context of the Shared Savings Energy Performance Contract.

In 2021 the Bank proceeded with targeted interventions to upgrade the energy performance of its current equipment and to design new spaces, with regard to internal lighting, neon signs, air-conditioning, lighting systems and electromechanical equipment.

Energy Intensity Ratio

The Bank monitors its energy intensity ratio, which expresses the absolute energy consumption (including all types, i.e. electricity, natural gas and heating consumption, as well as gasoline and diesel consumption for vehicles) of the Bank for all its operational revenue and is used to monitor energy performance in relation to the scale of its activities (operating income 2021: € 1,519 million and 2020: € 1,542 million). In 2021 the intensity ratio was 29.71 ΜWh/€ million (2020: 30.99 ΜWh/€ million), reduced by 4.13 % compared to 2020. The Bank’s aim is to reduce its energy needs, in relation to its activities, in the coming years.

Greenhouse Gas Emissions

Greenhouse gas (GHG) emissions correspond to the following categories at an organisation level:

• Direct GHG Emissions (Category 1) deriving from the Bank’s consumption of natural gas and heating oil to heat buildings, and the use of fuel for the Bank’s own vehicles. It also includes data on fluorinated gases (F-gases) released by the air-conditioning installations and the automatic extinguishing systems of the Bank (fugitive emissions).
• Indirect GHG emissions released due to the consumption of electricity (Category 2).
• Indirect GHG emissions associated with business travel (Category 3).

Eurobank implements the ISO 14064-1:2018 international standard, with guidance for quantification and reporting of greenhouse gas emissions and removals. Therefore, the categorisation and reporting of Greenhouse gases is based on ISO 14064 and corresponds to the GHG Protocol Corporate Standard (scope 1, 2 and 3). As of 2022, the relevant report shall be subject to external verification by an independent third party.

Aiming to monitor and reduce its environmental footprint, as of 2021 the Bank has been using new CO2  emission factors, according to NIR Greece, DEPEEP data (scope 1 and 2) and GHG Emissions Calculation Tool 2020 for scope 3. 

⁽¹⁾ The new CO₂ conversion factors according to NIR Greece and DEPEEP data, used to restate 2020 data.
⁽²⁾ Includes carbon dioxide, methane, nitrous oxide.
⁽³⁾ Includes fugitive emissions (hydrofluorocarbons).
⁽⁴⁾ 2020 is considered a base year for presented performance.
⁽⁵⁾ Biogenic CO₂ emissions are not disclosed, because the Bank doesn’t have any.

• Total greenhouse gas emissions expressed in tons of carbon dioxide equivalent (tCO₂e) decreased by 5.35% (968.18 tCO₂e) compared to 2020.
• Total greenhouse gas emissions expressed in tons of carbon dioxide equivalent (tCO₂e) decreased by 4.54% per unit of building space and by 6.22% per employee, compared to 2020. 

The Carbon emission intensity¹ for 2021 was 11.26 tCO₂ e/€ million reduced by 3.86% compared to 2020. Pertinent intensity ratio of Scope 1, 2 and 3 emissions was 0.62, 10.64 and 0.01 tCO₂e/€ million respectively. 

This performance was in line with the environmental management targets set for 2021, a 5% reduction in indirect greenhouse gas emissions (category 2) compared to 2020. The Bank significantly reduced greenhouse gas emissions from operations, contributing to climate change mitigation and facilitating the achievement of the global sustainable development goal for the climate (SDG13).

¹ Carbon emission intensity is calculated as GHG emissions of Scope 1 and Scope 2 per million euros of Bank's operating income.

Investment Property – Green Buildings

Eurobank’s objective is to gradually upgrade its real-estate portfolio, aiming towards highend, modern, environmentally friendly buildings. 

It is already upgrading prime assets into energy efficient green buildings. Such buildings are in high demand, as large companies operating in Greece follow pertinent guidelines set by their management abroad and search for quality, modern-standard premises. A similar trend is also emerging among Greek companies which show increasing interest in energy efficient buildings.

Eurobank aims to a low emission, environmentally friendly real-estate portfolio, to further contribute to improving the local micro-climate.

The goal is to continuously make progress towards this direction, upgrading even more properties.

Eurobank has chosen green building certifications, aiming to validate the sustainability value of its assets and to demonstrate its sustainability performance, contributing to:

• reducing operating costs,
• maximising returns through market value,
• attracting and retaining quality tenants looking for high-standard workplaces.

Eurobank is actively investing in upgrading its portfolio of energy efficient buildings, aiming to reduce its environmental footprint. Every year, it aspires to rate selected assets within its portfolio for the purpose of gradually being certified according to international standards. The following tables illustrates its certified assets. Note that office premises of 53,845 m² are currently under certification.

Paper Use

In the context of reducing its waste, the Bank addresses the reduction of paper consumption in line with digitalisation of its operations (full digitisation of product transactions, use of e-Statement, etc.). In addition, procedural interventions and a number of promotional activities were implemented to encourage adoption of a digital culture.

As a result of these efforts, in 2021 paper supply amounted to 209.2 tonnes and represented a reduction of 15.35% compared to 2020 (attaining the set target of 225 tonnes for 2021), while the corresponding consumption per employee decreased by 5.01%. In addition, the increase in the use of the e-Statement service was significant in 2021, as more than 228,000 additional e-Banking users chose e-statements, resulting in additional savings of about 560,000 physical statements. In 2021, by stopping the sending of physical statements of all deposit accounts completed in December 2020, in combination with the possibility of receiving statements via e-mail / sms, for the non-eBanking users of the Bank, we achieved a reduction of statements by 35 % compared to 2020 (20.2 million pages in 2021 compared to 31.2 million pages in 2020). The Bank’s financial savings from the discontinuation of physical statements are also substantial, amounting to more than €23 million since the service became available.

Note that the entire supply (100%) of A4 and A3 paper is certified with the PEFC label.

 

With regard to monitoring environmental impacts, the Bank pays particular attention to water conservation, implementing measures such as the installation of special systems for water flow control in water supply facilities. In 2021 water consumption amounted to 62,322m³ (2020: 54,691m³, 2019: 74,973m³ ), which represents an increase of 13.95% compared to 2020. The increase is attributed to the greater presence of staff in the workplace in 2021 compared to 2020.

Water Consumption

 

With regard to monitoring environmental impacts, the Bank pays particular attention to water conservation, implementing measures such as the installation of special systems for water flow control in water supply facilities. In 2021 water consumption amounted to 62,322m³  (2020: 54,691m³, 2019: 74,973m³ ), which represents an increase of 13.95% compared to 2020. The increase is attributed to the greater presence of staff in the workplace in 2021 compared to 2020.

Reducing, reusing and recycling waste constitutes a major pillar of the Environmental Management System. The Bank monitors and manages the life cycle of the following materials within the organisation (waste streams): toner cartridges, paper and packaging materials, waste electrical and electronic equipment (WEEE), light bulbs and batteries, defective/cancelled credit cards, plastic bottle caps, excavation/construction and demolition waste (ECDW).

The measurements for the main waste streams are outlined below:

• Toner cartridges: In 2021 the full implementation of the Managed Print Services programme continued, whereby 958 items (659 kg) of empty toner cartridges were recycled.
• Paper and packaging materials: 166,724 kg of the paper supply was recycled through Total Facility Management in 2021. The total quantity of paper recycled is significantly higher, as an additional large quantity of waste paper was channelled to the municipal recycling systems in the areas where the Bank operates. Also 186.5 kg of packaging materials were recycled.
• Waste electrical and electronic equipment (WEEE): 40,701 kg of the withdrawn equipment were recycled.
• Light bulbs: 391.3 kg of withdrawn light bulbs were delivered for recycling.
• Batteries: 5,551 kg of withdrawn batteries (including portable batteries) were delivered for recycling.

⁽¹⁾Any discrepancy is due to decimal rounding.

The total amount of all waste streams generated is 214.2 tn.
Moreover, the Bank continued its successful electronic equipment donation programme, as part of the effort to manage the life cycle of the materials it purchases. In 2021 the Bank donated 1,841 pieces of electronic equipment which amount to about 6,000 Kg. Note that the weight of the donated electronic equipment is estimated based on the average weight for each type of equipment. The Bank has not currently established a procedure to accurately weigh these donations.

As part of the implementation of the Environmental Management System and the Energy Management System, Eurobank promotes awareness-raising and training of the employees on environmental issues, energy and climate change, and the implementation of appropriate procedures. In 2021 a total of 2,445 employees received training on environmental issues. Moreover, information on the energy consumption of the Bank’s branches and buildings is
disclosed on an annual basis.

The Bank seeks to selectively participate in companies with specific features and strong growth prospects, focusing on extroversion and environmental awareness. At the same time, it offers advisory services and know-how on developing and growing such businesses in Greece and abroad. In this context, the Bank has been participating in the share capital of MESOGEOS SA since 2010, together with a private-sector co-investor, through SINDA Ltd. MESOGEOS Group is among the leaders in environmental protection in Greece, operating in sectors such as solid and liquid waste management, water resource management, contaminated soil restoration, energy saving and RES-based power generation. Some of the major projects the company is participating in include the construction of an environmental park and a renewable energy park in the ex-landfill of Liosia (agreement signed October 2021), the “S. Ileia Waste Processing Unit via Public-Private Partnership”, with a capacity of 80,000 tonnes of urban waste annually (construction, maintenance and operation for 25 years), and the “Alexandroupoli Waste Processing Unit”, with a capacity of 46,000 tonnes of solid urban waste annually.

The Bank also participates in the IBG HF III (CMF) private equity fund, which specialises in renewable energy sources, namely in the establishment and operation of small and mediumsized photovoltaic installations and wind farms in Greece. The fund, which is currently under liquidation, completed the divestment of its operating units (wind farms of 50 MW and photovoltaic parks of 17MW) during 2021. Its current portfolio includes only under development parks with a total capacity of 109MW (wind farms of 106 MW and photovoltaic parks of 3MW), with 98 MW of the power corresponding to the fund and the rest to the co-investors. Eurobank is the fund’s third largest shareholder.

The participation of major institutional investors in the Bank’s share capital signalled the upgrade of existing, and the incorporation of new environmental and social risk management mechanisms in the Bank’s financing and investment operations. In this context, the Bank implements an Environmental and Social Management System (ESMS), aiming to mitigate potential credit risks arising from the operation of businesses that are financed by the Bank. The ESMS has been fully integrated into the approval and monitoring processes that the Bank applies in its financing operations and is fully supported by the Bank’s Management, as adopting environmental and social criteria can lead to sustainable operating models and, therefore, to better credit ratings.