Supporting institution

NBG

National Bank of Greece

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Last updated: August 2023

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Overview of climate mainstreaming approaches and goals:

NBG decided to follow a holistic approach to ESG, defining its ESG strategy in 3 strategic pillars, closely aligned with the Bank’s purpose to create a sustainable future. We articulated our ESG strategy in 9 themes stemming from and reflecting our revamped value system, aligning with selected UN Sustainable Development Goals, complementing the Bank’s overall business strategy and transformation, encapsulating our climate change and decarbonization strategy and our vision to be the undisputed Bank of First Choice in Greece.

In line with our three C&E Strategic Themes for leading sustainable energy financing, accelerating sustainable transition, and role-modelling environmentally responsible practices, the NBG undertook in 2022 important initiatives.

NBG has proceeded with the measurement of 2020 and 2021 financed emissions. This provides for a good ‘point-in-time’ understanding of the potential impact of transition risk on our lending portfolios. NBG continues to deepen its understanding of the business environment and its short-, medium- and long-term outlook from a sustainability perspective, through on-going economic research. In addition, as part of 2023 Transformation Program scope, NBG has initiated actions in order to set short-, medium- and long-term targets for Scope 1/2/3 GHG emissions, under the Net Zero (NZ) framework, and to integrate the GHG emissions measurement methodology internally, for standard use in target-setting and monitoring. Following the NZ target-setting and subject to ESG Management Committee decision, the Bank aims to proceed with a public Net Zero commitment declaration (Net Zero Banking Alliance or similar scheme). In parallel regarding physical risk, various chronic and acute risk factors at country level are being considered, and for transition risk, energy-related information of collaterals is taken into account.

The Bank has assigned the responsibility for the management of climate related and environmental risks throughout its organizational structure, cascading down through the 3 lines of defense and has simultaneously established new Committees (BoD Innovation and Sustainability Committee and ESG Management Committee) and new units (Group CSR and Sustainability Division, Climate and Environmental Strategy Sector) to further enhance management and oversight of C&E risks and ESG matters overall.

Principal Strategic Documents:

Key reports and other materials published by the institution: