Hellenic Bank Paves Way for Cyprus' Sustainable Future

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by KnowESG
KnowESG_Hellenic Bank Paves Way for Cyprus' Sustainable Future
Image courtesy of https://cypruseconomicsociety.org/

Hellenic Bank revealed on Thursday the establishment of a Sustainable Bond Framework, to actively contribute to the sustainable transformation of the Cypriot economy.

The initiative aims to create a lasting positive impact on both society and the environment.

In its announcement, Hellenic Bank clarified that the issuance of these bonds underscores its dedication to providing green, social, and sustainable finance—essential elements for driving the local economy's transformation.

"As a primary financier of the Cypriot economy, the issuance of green bonds aligns with our strategy for sustainable finance, supporting clients, businesses, and households in realising their environmental and sustainable objectives," the bank said.

The bank further communicated that the sustainable finance framework is built upon its ESG strategy, outlining the intended allocation of bond proceeds—a crucial aspect for future green, social, and sustainable bond issuances. The funds raised from these bonds will specifically be directed towards sustainable funding.

This framework is designed in accordance with the Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines established by the International Capital Market Association (ICMA).

It also said that the funds from these bonds would play a role in financing sustainable projects related to Renewable Energy Sources, energy efficiency enhancements, green buildings, low-carbon transportation, healthcare, and the financing of SMEs contributing to job creation.

"The bank's commitment is evident in its 2022 annual sustainability report, aligning with global reporting initiative standards and reflecting our new ESG Strategy," says the bank.

Acknowledging the inherent risks and opportunities in transitioning to a more sustainable economy, the bank has adopted a strategic approach to sustainability and ESG matters, the announcement added. The development of the bank's new ESG strategy considered European and local strategies, the competitive landscape, evolving regulatory frameworks, and a materiality analysis of sustainability issues.

Consequently, the new ESG strategy has four pillars: carbon neutrality, the future workforce, resilience and performance, and a sustainable ecosystem.

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Source: CyprusMail

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