Our journey to Net Zero has begun. The Bank is determined to lead the Green transition of Cyprus firstly by acting as a role model in the running of its own operations while at the same time engaging with its customers and supporting them in materialising their own Net Zero ambition.
Financing the Net Zero Economy
- Transition to a Net Zero Economy, committed to align financed emissions from our portfolio of customers to Net Zero by 2050.
- First bank in Cyprus joining the Partnership for Carbon accounting financials (PCAF) based on which we have initiated calculations of our financed scope 3 emissions deriving from our lending portfolio.
- Following the estimation of financed scope 3 emissions we will set emission reduction targets, aligned with our Net Zero ambition by 2050, in different sectors and loan classes.
- Continue to cooperate with our clients and provide support in their transition journey to Net Zero.
Carbon Neutral in own operations
Εstimated GHG emissions from own operations and designed a strategy with energy efficiency actions to become carbon neutral by 2030. Progress up to 9M2022:
- 1.119K kWh yoy energy savings and 18% yoy reduction in paper consumption.
- c.€213k investment in energy-saving activities in 9M2022.
- Installed photovoltaics at 12 owned buildings since 2021.
- Running initiatives to increase environmental awareness, improve efficiency and performance, and reduce resource consumption.
Our impact on the environment and the society
As the Environment is one of the five pillars of our Corporate Social Responsibility strategy, we create partnerships to tackle the climate crisis, putting emphasis on:
- Awareness - Education
- Prevention - Response
- Recovery - Mitigation of climate change consequences
- Protection of biodiversity
More information can be found in the Corporate Sustainability Report 2021, “Our Environment” chapter