What you should know about sustainability requirements of banks and insurance companies for obtaining investments
The amount of credit opportunities and insurance programs for businesses attached to social-ecological standards is constantly rising. This tendency is especially affected by the Covid-19 pandemic. However, the number of companies that understand the requirements of financial institutions clearly, is fairly small. So the low level of awareness complicates getting excess to beneficial financial and insurance products.
The transition of the banking and insurance sectors to data assessment, according to the ESG-approach and EU taxonomy were discussed on the online meeting “Sustainability requirements of banks and insurance companies for obtaining investments” within the Ukrainian Agribusiness Sustainability Webinar Series, a joint initiative of the Dutch Development Bank, FMO and the first international association of sustainability practitioners, the Association of Sustainable Development Experts. Yanina Olkhovska, Director of Communications, CSR and Engagement, UKRSIBBANK BNP Paribas Group told about the experience of Ukraine.
The primary goal of UKRSIBBANK BNP Paribas Group is to become the leader in sustainable finance. By working alongside our partners and clients we promote a more environmentally friendly and inclusive economy, we are making sustainable finance the foundation of our long-term partnership.
UKRSIBBANK as a part of a global international Group uses ESG criteria which are included in our 10 sector policies. One of them is related to the agriculture sector that is one of the key sectors in the world economy. However, without proper management, this sector’s development can have many damaging effects on local communities, ecosystems, and climate change. At the same time if we join our forces, we can reduce agriculture’s negative impact on the environment, while at the same time save the possibility to feed a growing population. We also are demanding of ourselves. For instance, in our daily activities, we strive to be a Green Company and do not use disposable plastic, we have an ambitious plan how to reduce own carbon emission, and support a lot of projects with a positive impact on society and environment those are implemented by the global organization, in particular UN, as well as create own programs which provide a solution for our customers. It drives us towards a more sustainable future.
On daily basis, we put the client and ESG approach in the center of decision and find out a personal solution/ and we are delighted to see how it works, change our future, and provided new opportunities for sustainable development.
When working with our clients we use evaluation criteria that includes general environmental management issues, food safety and traceability, Health & Safety, working conditions and human rights. And we use additional criteria for assessing farming activities, livestock poultry, seed producing companies and physical agricultural product merchant and traders. We value an individual approach with our clients that is why for each project we have a relationship manager that leads the process.
Published on August 2, 2021 on mind.ua