47.8. Climate risk

In the area of risk related to the climate and climate policy, the Group, due to the profile of its operations, focuses its activities on two main directions:

• reducing the negative impact on the climate and the consumption of natural resources in its operating activities,
• adjusting the product offer addressed to customers, taking into account ecological elements.

Initiatives and actions taken by the Group in relation to the above-mentioned areas, as well as taking into account the climate risk in credit processes are presented in the section ‘Statement on non-financial information’ in the ‘Report on the activities of the Bank Pekao S.A. Group. for 2021 (prepared together with the Report on the operations of Bank Pekao S.A.) ‘.

The Group is exposed to the risk of climatic changes mainly due to the possible impact of climatic factors on the geographic and economic environment in which the Group operates.

As at 31 December 2021, the climate risk did not have a significant direct impact on individual areas of the estimates made, including the determination of the expected credit loss recognized in these financial statements, or the Group’s going concern for the period of 12 months from the date of approval of these financial statements.