Bank of Cyprus Credit Ratings and Financial Position
Substantial progress against our ESG agenda
First TCFD Report Published
The first TCFD report has been published by the
Company, as part of its 2022 Annual Financial Report,
presenting the current activities and future plans in the
climate field, structured in the core elements of how
organisations operate: governance, strategy, risk
management and metrics and targets.
Environment
Governance
Financed Scope 3 GHG emissions on 2022 loan portfolio
(CO2e tonnes per year (mn))
5.0
4.4
4.9
0.06
0.03
0.04
Net zero by 2050 PCAF
•
•
Partnership for
Carbon Accounting
Financials
The Bank joined the Partnership for Carbon
Accounting Financials (PCAF) in October 2022 and
is following the recommended methodology for the
estimation of the Financed Scope 3 GHG emissions.
Estimated the Financed Scope 3 GHG emissions for
approximately 88% of Gross Loans portfolio using
PCAF methodology and proxies
The Bank is currently in the process to set
decarbonisation targets in specific sectors and asset
classes of the loan portfolio
Continue to build out the green product offerings
•
Published the Sustainable Finance Framework
1) Score 1-5; 1 represents the highest data quality
Social
1.16
5.0
Business loans
Commercial Real Estate
Mortgages
Motor vehicles
DQS: PCAF Data
Quality Score1
Customers
.
•
c.€3.62 mn fil-eco loans granted in
1Q2023
Green car loans launched end of
2022
•
c.€0.56 mn
granted in 1Q2023
Green Cars loans
•
The majority of Financed Scope 3 GHG emissions derive from
Business Loan asset class
The most carbon concentrated sectors under Business Loan
asset class are Transportation and storage (24%), Construction
(20%), Manufacturing (16%), Accommodation and food service
activities (12%), and Wholesale and retail trade (10%)
Decarbonisation target expected to be set for most carbon
concentrated sectors of business loan asset class
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