Sovcombank launches ESG-linked deposit for corporate clients

Monday 20 December 2021 11:08 CET | News

Sovcombank has launched a new product for its corporate clients – a deposit linked to sustainable development goals (ESG deposit).

EVRAZ has become its first depositor: its member company EVRAZ NTMK smelter has deposited funds with Russia’s first ESG-deposit at Sovcombank.

The funds will be used to finance projects in line with the UN Sustainable Development Goals (transformational, green and social projects).

In its taxonomy, the Bank adheres to the standards developed by VEB.RF and approved by the Russian Government (green and adaptation projects) as well as the criteria developed by ICMA and LMA (green and social projects).

In 2019 Sovcombank was the first Russian bank to adopt the United Nations Environment Programme’s (UNEP FI)

Principles for Responsible Banking, emphasising its commitment to sustainable development and corporate social responsibility. In its 2020 Sustainability Report, Sovcombank published strategic ESG targets, including to reach net-zero greenhouse gas emissions from its own operations by 2030.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: sustainability , carbon footprint, ESG
Categories: Banking & Fintech
Countries: Russian Federation
This article is part of category

Banking & Fintech