OTP BANK is building its own environmental and social management system
Comprehensive "green" transformation in Ukraine is gaining special importance and is already affecting business. JSC OTP BANK takes into account the trends and has planned a number of activities to create its own system of social and environmental management, said Maxim Oliynyk, ESG Manager of the Bank, during the open dialogue "Green Agenda for Ukraine: Special Role and Unique Challenges for Banks" with the participation of representatives of the NBU, EBRD, KSE and a number of Ukrainian financial institutions.
"OTP Bank is actively working to support and develop green technologies and social responsibility of Ukrainian business. We are currently developing our own environmental and social management system, which will be harmonized with the requirements of the European Union and will help the Bank to create its "green" portfolio," said M. Oliynyk.
According to the ESG manager, OTP BANK is guided by EU standards in the field of green and sustainable technologies and practices aimed at reducing the risks and uncertainty that investors face when financing such projects. "In supporting green and sustainable technologies and practices, the Bank must not only meet the requirements of the EU and the Parent Bank, but also strictly adhere to the rules dictated by the National Bank of Ukraine, as ESG is becoming a necessity," he emphasized.
According to Maxim Oliynyk, a comprehensive "green" transformation opens up access to the resources of global investors and modern European technologies, which, in turn, will contribute to the development of Ukraine's economy and increase the number of potential requests for financing. Taking this into account, as well as the desire to use the opportunities that are opening up, OTP BANK has developed an ESG Strategy that provides for
- creation and implementation of all components of the social and environmental management system (policy on environmental and social issues, a separate communication channel, building institutional and human capacity)
- creation of separate "green" products and development of its own "green" portfolio, taking into account clearly defined and verified sustainability criteria for products (EU Taxonomy, Climate Bonds Taxonomy, Sustainable Finance Framework and Green Loan Framework of the Parent Bank);
- Inventory of the Bank's greenhouse gas emissions and development of measures to reduce the carbon footprint;
- improvement of the ESG and sustainability training program for all OTP Bank employees, as well as other tasks in the field of environmental protection and social responsibility of the Bank.