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Greece's Piraeus Bank Commits to Collective Action on Climate Change

Piraeus Bank, the largest lender in Greece, announced on Thursday its participation in a climate change initiative created by thirty-one banks around the world.
The banks participating in the “Collective Commitment to Climate Action,” which represent total assets of $13 trillion, pledged to harmonize their portfolios and boost financing for the sustainable development which they believe will limit the rising of average global temperatures close to 1.5 degrees Celsius.
By signing the “Principles for Responsible Banking” in New York in September, Piraeus Bank joined a coalition of 130 banks worldwide in committing to taking on a crucial role in helping to achieve a sustainable future.
Piraeus Bank’s CEO Christos Megalou stated that “Just as Piraeus Bank has played a leading role in shaping the Principles and their implementation framework, it will now lead in terms of applying them.
“We will integrate the Principles into our policies, set goals, and participate actively in the “Collective Commitment to Climate Action,” strengthening the Bank’s positive impacts on the environment and society,” he added.
The thirty one banks commit to create and promote products and services, develop relationships with all stakeholders, and contribute to the necessary transition of the worldwide economy, in hopes that it will no longer negatively affect the climate.
Specifically, the banks have committed to:

  • Focus their efforts on the most carbon-intensive and climate-vulnerable sectors within their portfolios
  • Engage and work with clients on their transition to a low-carbon, climate-resilient economy
  • Work together for developing know-how and methodologies to measure climate targets
  • Engage with governments, scientists and other entities, to create roadmaps on achieving carbon emissions reduction in different economic sectors
  • Set and publish sector-specific targets for portfolio alignment, no later than 3 years’ time since signing
  • Announce the measures to be taken from each bank, in order to succeed in transitioning to a low-carbon economy, since the first year of implementation
  • Disclose all progress related to achieving the set targets.

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