Integrating ESG criteria in financing
We take ESG criteria and factors into account in the assessment and financing process. This way, we foster the green transition and economic development of Greece.
To implement our ESG strategy, we have developed the Sustainable Finance Framework.
Aiming to channel funds to economic activities with a positive environmental and social impact, the Framework includes specific thematic financing classes:
- Green – Energy efficiency upgrades, renewable energy sources, sustainable transport, resource efficiency and pollution control.
- Social – Access to affordable basic infrastructure and essential services, affordable housing, economic inclusion.
Contributing actively to the National Energy and Climate Plan
Financing RES projects
Through targeted project financing, we genuinely contribute to the efforts to implement the National Energy and Climate Plan (only available in Greek), which has set the following targets by 2030:
- -40% total greenhouse gas emissions compared to 1990.
- 35% minimum RES share in final gross energy consumption.
We finance projects that invest in environmentally friendly technologies and replace old polluting plants, helping reduce gas emissions.
These projects rely on domestic renewable energy sources and reduce reliance on finite conventional energy resources. This way, they ensure adequate national energy supply and contribute to the rational use of energy in Greece.
For the period 2017-2022 we provided €880 million in financing to more than 43 PV parks, wind farms and biogas plants, with a total power output of 1 GW.
Assessing environmental impact and performance
To identify and assess environmental risks and social impacts, we review each project in cooperation with expert technical consultants. This way, we ensure that the projects we finance:
- Comply with the environmental legislation.
- Are carried out in a socially responsible manner.
- Apply sound environmental management practices.
In major syndicated loans, we integrate compliance requirements relating to special environmental and social performance standards, such as the environmental and social standards of the European Investment Bank at the Equator Principles of the International Finance Corporation – IFC.
Through the entire term of the loans, we monitor and verify compliance to environmental terms and commitments on an annual basis.