Sberbank seeks to complete assessment of carbon footprint by end of 2021, become carbon neutral by 2030
MOSCOW. July 27 (Interfax) - Sberbank plans to conduct a full assessment of its carbon footprint by the end of 2021 and develop a climate strategy, according to a presentation on the bank's ESG and sustainability policy.
Sberbank expects to become carbon neutral in its operations by 2030, the lender said in materials.
The bank has conducted three stress tests to assess the impact of decarbonization and cross-border carbon regulation at its level and in terms of the country as a whole. The lender has also launched a scoring of clients taking into account climatic factors.
Sberbank has begun regular testing of the entire portfolio for ESG risks, the head of the credit institution German Gref said in May. Based on the results of the testing, the bank identified industries most exposed to these risks. "We have absolutely practical interest in this. Either we will help our clients to implement the ESG agenda, to finance the relevant enterprises in terms of reducing the ESG burden on the environment, or we will get rid of these borrowers, if they are not doing it, due to the risks that it generates for us. Let's say in the long term we are talking about 10-15 years," Gref
Sberbank previously planned to increase the share of green energy purchases to 30%, to recycle 40% of waste, to ensure 100% carbon neutrality in its network and make 100% of all purchases carbon neutral.
By the end of 2021, Sberbank plans to increase the volume of green loans to at least 80 billion rubles, and has already provided more than 50 billion rubles, first deputy Sberbank head Alexander Vedyakhin said in mid-June. Sberbank's ESG lending pipeline exceeds 650 billion rubles, he said.
ESG are company principles based on protection of the environment, a conscientious attitude to employees, suppliers, clients and communities, and quality corporate governance.