Hellenic Bank reinforces commitment to sustainability with 2023 ESG report

Hellenic Bank on Friday reaffirmed its commitment to sustainability through a number of actions and initiatives outlined in its 2023 sustainability report.

The report provides an in-depth look at the bank’s environmental, social, and governance (ESG) strategy. which, the bank said has become a key pillar of its overall operations.

“The report confirms Hellenic Bank’s steadfast commitment to ESG issues, which are a strategic pillar of the Group’s overall actions,” the bank stated.

Moreover, the report noted that in response to the evolving geopolitical, energy, and climate realities, Hellenic Bank has “set clear priorities aimed at promoting sustainability through coordinated and responsible corporate actions”.

Hellenic Bank’s revised ESG Strategy, approved by its board of directors and incorporated into its strategic plan, is structured around four main pillars. Each pillar outlines specific goals across all operational levels of the group.

The first pillar is focused on carbon neutrality. The report noted that this reflects the bank’s desire to become a fully energy-efficient organisation.

In 2023, Hellenic Bank reduced its energy consumption by 9 per cent year-on-year and utilised 51,544 kWh of renewable energy, with solar panels installed on two of its buildings.

“The bank’s long-term goal remains to become a carbon-neutral bank by 2050,” the report said.

The second strategic priority focuses on building the workforce of the future. This involves coordinated actions for employee training and the enhancement of corporate well-being and inclusion.

According to the report, the bank invested 2,540 hours in ESG awareness training for its staff and 1,270 hours in employee empowerment and development in 2023.

Additionally, Hellenic Bank issued a human rights statement, underlining its “commitment to continuously supporting and ensuring equal opportunities for its employees”.

The third pillar of the bank’s ESG strategy focuses on enhancing resilience and performance.

In this area, the bank achieved an ESG evaluation rating and advanced its digital transformation, with 95 per cent of all transactions now being processed digitally.

“Hellenic Bank’s long-term goal is to strengthen disclosure frameworks and processes, as well as further optimise the ESG performance of the institution,” the report said.

The final pillar, titled ‘sustainable ecosystem’, saw Hellenic Bank recording €219 million in new green loans for 2023.

The bank also continued its extensive corporate social and environmental responsibility activities, including volunteer initiatives by its staff and a total contribution of €530,000 to civil society organisations.

The bank’s environmental contributions were further recognised when it received the olden Environmental Protector award at the 2023 Pan-Cyprian Environmental Awards for Organisations and Businesses.

Moreover, the renewal of its strategic partnership with the Karaiskakio Foundation was a key achievement in this area, the report explained.

Looking ahead, Hellenic Bank said that it aims to support its customers and investors in adopting more sustainable practices.

In 2023, the bank established a Sustainable Bond Issuance Framework, contributing to the provision of green, social, and sustainable financing.

This framework was developed in accordance with the Green Bond Principles of the International Capital Market Association (ICMA), the Social Bond Principles, and the Sustainability Bond Guidelines (SBG).