2023 sustainability highlights

We aspire to create a future that embraces growth and prosperity for all. We are developing detailed action plan to align our operations, portfolio and investments to become Net Zero by 2050.

In line with its commitment to address climate change, the Group has joined the Net-Zero Banking Alliance (NZBA), reinforcing its dedication to aligning its lending and investment portfolios with net zero emissions by 2050 or sooner, in line with the most ambitious targets set by the Paris Climate Agreement.

The Financed impact strategy is evolving based on the following pillars:

1. Sustainable financing

   Development of strategies that will promote the green transition of the Bank’s clients through sustainable financing.

2. Portfolio alignment

   Gradual alignment of the Bank’s portfolio with sectoral transition pathways that are aligned with 1.5°C climate transition scenario.

3. Net zero strategy

   Sectoral decarbonisation targets covering the Bank’s lending portfolios with phased target-setting up to 2050.

Portfolio targets

• €2 billion in new green disbursements to businesses by 2025.
• 20% of the annual new corporate disbursements to be classified as Green / Environmentally sustainable.
• 20% stock of green exposures by 2027 for the Corporate portfolio (up from 11% in 2022).
• Mobilise €2.25 billion total green RRF funds in the Greek economy by 2026.

Sectoral targets

• 35% of new disbursements in the Energy sector to be directed to RES financing.
• 80% of disbursements related to the construction of new buildings to be allocated to green buildings.

Corporate and Investment Banking green targets for 2024

New exposure to high emitters

• No new investments in fixed income securities (excluding exposures in ESG / Green Bonds) towards the top 20 most carbon-intensive corporates worldwide.

Increase sustainability-linked loans

• The Bank will double its annual disbursements of sustainability-linked loans.

Retail Banking targets for 2024

• Maintain the same growth in absolute terms for Retail Banking new green disbursements (or more than 50% increase vs. 2023).

Next milestones

• Align loan portfolio and investments with a net zero carbon footprint by 2050 by developing a robust action plan and roadmap including intermediate targets to net zero and commitment.
• Actively support clients’ climate transition journey with an ambition to further increase sustainable financing going forward.
• Further integrate climate risk regulatory requirements into its business strategy and risk management framework, leveraging on key initiatives: 
  
  

  a) Governance, policies, and control framework,

  b) Climate risk modelling and data management and

  c) Commercial strategies/ sector policies.

• Continue to contribute to the residential green lending sector through the state susbidized Exoikonomo programs.

The commitments and targets of the operational impact strategy are based on three pillars:

Environmental impact

• Achieve Net Zero operational impact by 2033.
• Accelerate transition towards a paperless banking network by 2028.
• Extend circular economy practices by 2025.
• Accelerate preservation of natural resources – water by 2026.

Societal impact

• Embed a diverse and inclusive internal environment by 2030.
• Encompass a wellbeing culture by 2026.
• Stimulate innovative, inclusive and youth-focused entrepreneurship by 2025.
• Rationalize Socio-Economic Impact by 2028.
• Boost accessibility and inclusion for customers by 2025.

Governance & Business impact

• Intensify sustainability in procurement practices by 2024.
• Extend internal ESG engagement by 2025.
• Boost internal ESG awareness by 2025.
• Boost external ESG awareness by 2025.
• Intensify ethics and transparency by 2025.

Achievement of annual sustainable financing targets

For the second consecutive year, the 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 31.12.2023 exceeding €2.18 billion.

Over €1.73 billion allocated to dedicated purpose financing while €353 million allocated to sustainability linked loans

Over €1.15 billion attributed to Renewable Energy Sources (RES)

Over €0.47 billion of green and sustainability-linked bonds held

All sectoral targets set were achieved with over 50% of disbursements in the energy sector being directed towards RES projects and 100% of new building disbursements directed to green buildings.

Intensified engagement with its counterparties on ESG risk mitigation

Aiming to facilitate the green transition of its clients, the Bank has developed a dedicated approach to increase client engagement and awareness regarding sustainability risks.

Initiated efforts for portfolio decarbonisation

The Bank has formally committed through the Net Zero Banking Alliance to align its portfolio with climate transition pathways and to develop phased, sectoral decarbonisation targets covering its portfolio, with the ultimate objective of reaching Net Zero by 2050. To this end, it is in the process of developing an action plan and roadmap towards net zero.

Implemented the EU Taxonomy

The Group has calculated and reported the Green Asset Ratio (GAR) of its Taxonomy aligned assets to be 2,5% in terms of turnover and 3,5% in terms of CapEx and has integrated the requirements of the EU Taxonomy within its three lines of defence as per best market practice. In addition, as part of its sustainability strategy, the Group is implementing initiatives that will enable it to increase the share of taxonomy-aligned assets in the coming years.

Sustainable operations

1,579 PV panels installed on the roofs of 2 Bank’s buildings

11.93% reduction of the Bank's Total GHG emissions compared to 2022

19 of the Bank’s premises certified with green building certifications

875.97 kWp installed capacity of PV Stations

98.04% of the Bank’s electricity consumption originated from RES

9.4% reduction of the Bank’s total electricity consumption compared to 2022

ESG upskilling

Over 20,000 participations have taken place during 2023 in ESG upskilling initiatives

National resilience and impact on communities

20 babies were born in 2023 through the Moving Family Forward initiative

Education and excellence

1,035 top high-school students were awarded in 2023 through the Moving Education Forward initiative

Fostering and stimulating an innovative environment

€45.8 million in equity funding (investments from venture capital funds)

to 67 egg companies

Making banking accessible

93% of ATMs have been adapted to accessibility requirements.

People with hearing disability can be served in sign language through v-Banking.

People with visual impairment can receive documents in Braille and statements in pdf that can be read by assistive technologies.

Front line staff attended a series of courses and experiential training to ensure increased awareness and knowledge on how to serve customers with disabilities.

Offering a diverse and inclusive workplace

50% of all management positions covered by females

65% female employees of total headcount

27% female successor representation

Code of Conduct and Ethics

95% of staff and external partners completed the learning programme on the Code of Conduct and Ethics

Customer privacy and information protection

509 customer/data subject access requests were handled within the deadlines set out in the GDPR

0 successful cyberattacks or significant cyber incidents

Sustaining participation in reputable sustainability ratings and indices and improvement of score in all three core sustainability ratings.

SUSTAINALYTICS ▲ MSCI ▲ S&P GLOBAL▲

Significant distinctions in Sustainalytics