What does ESG mean for Ukrainian business?
The topic of corporate social responsibility is gradually evolving into a global concept of ESG*. This is an approach that making business decisions, including investment, we take into account the structure of corporate governance of companies with an assessment of the impact of its activities on the environment and society.
Yanina Olkhovska, Director of Communications, Corporate Social Responsibility and Engagement of UKRSIBBANK BNP Paribas Group, shared her experience on sustainable development in the October 2021 issue of Forbes Ukraine.
Sustainable development consultants in Ukraine are difficult to find. “No one was able to propose a clear methodology or a complete list of evaluation criteria,” Yanina Olkhovska said.
UKRSIBBANK, as part of the global international BNP Paribas financial group, strives for sustainable development with a positive impact on the society and the environment for a better future. In particular, it focuses on the 17 UN Sustainable Development Goals adopted on September 25, 2015 at the UN General Assembly. In today’s world, companies striving to meet the UN Sustainable Development Goals must meet the ESG criteria.
“Companies that do not meet investor expectations for ESG approach losing access to capital markets,” Yanina Olkhovska says.
UKRSIBBANK is currently conducting a pilot project to evaluate the ESG practices of its corporate client. According to Yanina Olkhovska, the idea is to offer borrowers a single approach to ESG valuation that will give them access to individual financing.
It will be recalled that in 2021 the main shareholder of the bank – BNP Paribas – was recognized by the leading international financial publication Euromoney as a leader in the global effort to create a truly sustainable economy and was awarded as:
- “The world’s best sustainable financing bank”
- “The world’s best data and ESG technology bank”
- “The world’s best public sector bank”
These awards confirm the Group’s ability to accompany all customers on their path to sustainable development while supporting their commercial success.
For more than 10 years, BNP Paribas has given priority to the transition to a low-carbon economy through progressive sectoral policies, innovative products and active participation in coalitions and working groups. The bank has long been recognized as a leader in setting the standards needed to achieve zero emissions worldwide. So, to learn about the practice of using ESG on the example of the international experience of the BNP Paribas Group, follow the link and download the latest report “The ESG Global Survey 2021”.
* ESG is an abbreviation of “environmental, social, governance”.