We aspire to create a future that embraces growth and prosperity for all. We are developing a detailed action plan to align our operations, portfolio and investments to become Net Zero by 2050.
Our holistic Group ESG Strategy
Materialising the Group’s financed and operational impact strategies
Financed impact strategy
The Financed impact strategy will evolve based on the following pillars:
- Sustainable financing: Portfolio and sectoral targets with regard to financing the green transition of the Bank’s clients.
- Portfolio alignment: Transition pathways for corporate clients to achieve specific targets in line with climate transition pathways.
- Net zero strategy: Sectoral decarbonisation targets covering the Bank’s lending portfolios with phased target-setting up to 2050.
Portfolio targets
- €2 billion new green loan disbursements to businesses until 2025.
- 20% of the annual new corporate disbursements to be classified as Green / Environmentally sustainable.
- Double Retail Green Gross Disbursements within 2023 compared to 2022.
- 20% stock of green exposures by 2027 for the Corporate portfolio (from 11% in 2022).
- €2.25 billion total green contribution through Recovery and Resilience Facility (RRF) in the Greek economy until 2026.
Sectoral targets
- 35% of new disbursements in Energy sector will be directed to RES financing.
- 80% of disbursements related to construction of new buildings will be allocated to green buildings.
Next milestones
- Aim to develop a Net Zero Roadmap (applying PCAF methodology) by Q1 2024.
- Net Zero Roadmap will include portfolio alignment targets and sector decarbonization targets with phased target setting up to 2050 for our corporate portfolio.
Operational impact strategy
The targets and commitments of the operational impact strategy are based on three pillars:
Environmental impact
- Achieve Net Zero in our operations in the next 10 years (by 2033).
- Accelerate transition towards a paperless banking network by 2028.
- Extended circular economy practices by 2025.
Employer’s impact
- Embed a diverse and inclusive environment by 2030.
- Encompass a wellbeing culture by 2026.
- Stimulate an innovative environment by 2024.
Social and business impact
- Intensify sustainable procurement practices by 2024.
- Rationalize Socio-Economic Impact by 2028.
- Boost transparency and ESG capacity by 2025.
2022 ESG performance
Financed impact performance
Achievement of annual sustainable financing targets
SFF-aligned disbursements in the corporate portfolio constituted more than 20% of the total disbursements with the total outstanding balance of green exposures as of 31.12.2022 exceeding €1.5 billion.
- Over €900 million attributed to Renewable Energy Sources (RES).
- Over €1.1 billion allocated to dedicated purpose financing while €400 million allocated to sustainability linked loans.
- Over €0.45 billion of green and sustainability-linked bonds held.
Sustainable Finance Framework operationalisation
Completed the roll-out of the Sustainable Financed Framework as part of the loan origination process for the corporate portfolio and developed tools that support the process.
Financed emissions
We have estimated and disclosed our Financed Emissions in line with the PCAF methodology.
Operational impact performance
Sustainable operations
- 48.3% reduction in the Bank’s energy intensity index compared to 2021.
- 52.3% reduction in the Bank’s carbon emission intensity index compared to 2021.
- 11.1% reduction in the Bank’s total GHG emissions compared to 2021.
- 97.9% of the Bank’s electricity consumption originated from RES.
- 7.4% reduction of the Bank’s total electricity consumption compared to 2021.
- 17 of the Bank’s premises certified with green building certifications.
ESG upskilling
3,982 hours on ESG upskilling training during 2022.
Recovery and resilience
20,000 olive trees and 15,000 selected trees planted to restore areas affected by the catastrophic wildfires.
Fostering and stimulating an innovative environment
€43.4 million in equity funding (investments from venture capital funds) to 65 egg companies.
Offering a diverse and inclusive workplace
- 50% of all management positions covered by females
- 65% female employees of total headcount
- 21% female successor representation
ESG ratings and awards
ESG ratings and indices
- Top-Industry distinction - Achieved the international ESG Industry top rated distinction by Sustainalytics.
- Sustaining participation in reputable ESG Indices and Improvement of score in 5.
Core ESG ratings
SUSTAINALYTICS ▲
MSCI ▲
S&P GLOBAL ▲
MOODY’S (FORMER VIGEO EIRIS) ▲
Other ESG ratings
ATHEX ESG INDEX
CDP
BLOOMBERG GENDER- EQUALITY INDEX
FTSE4GOOD
Refinitiv ▲
ISS ESG ▲
Distinctions and indices 2022
- Bank of the Year - The Banker
- Best Bank in Greece - Global Finance
- Best Bank in Greece – Euromoney
