Bank in 2022
Changes in the regulatory environment for sustainable finance
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3-3
In response to the rapidly changing regulatory and business environment in the areas of sustainable development and sustainable finance, the Bank has established a comprehensive “Bank Green Transformation Program” (hereinafter: the “Program”). As of October 2022, a project team has been established within the Bank’s structures, operating in nine work streams and involving some 40 departments from divisions:
- Corporate Banking, Markets and Investment Banking,
- Business Banking,
- Retail Banking,
- Finance,
- Risk Management,
- Human Resources,
- Technology and Operations,
- and from outside the Bank’s functional divisions.
The project team aims to develop a target process-system architecture for data collection and analysis methods and further use in processes and reporting based on the following regulations and guidelines:
- EP and Council Regulation EU 2020/852 on Taxonomy,
- EBA/ITS/2022/01 guidelines,
- PCAF (2022). The Global GHG Accounting and Reporting Standard Part A: Financed Emissions (Scope 3, Subcategory 15),
- Corporate Sustainability Reporting Directive (CSRD),
- EBA/REP/2021/18 guidelines,
- EP and Council Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector (SFDR).
In addition, project work is focused in the area of the ESG consulting model for the Bank’s customers. A Transformation Management Office has also been established as part of the project, which is responsible for change management and support in changes to the competency model.
The decision-making body of the Project is the Steering Committee and the Sponsors, i.e., five members of the Bank’s Management Board and four high-level directors.