Sovcombank was amongst the first banks in Russia to integrate the principles of environmental and social responsibility and corporate governance into its strategy. The bank’s participation in international sustainability initiatives helps it leverage best global practices to streamline implementation of the ESG (Environmental Social Governance) approach.
In 2019, Sovcombank became the first Russian bank to sign the UNEP FI Principles for Responsible Banking as a way to stress its commitment to sustainable development and corporate social responsibility.
Sovcombank wholeheartedly supports the UN Sustainable Development Goals (SDGs) designed to address the world’s most pressing economic, environmental and social issues. With its operations, the bank seeks to make a contribution towards achieving the SDGs, raise awareness about its approach and promote actual sustainability agenda in Russia.
Sovcombank places a particular emphasis on responsible and green financing, supporting SMEs, enhancing access to high-quality financial services all over the country, improving general financial literacy, developing human capital and promoting social responsibility.
In 2020, Sovcombank established an ESG committee within the Supervisory Board, which is responsible for overseeing the bank's activities in the field of sustainable development. Its tasks include monitoring the bank's work for compliance with the accepted obligations and recommendations of international standards on responsible financing, labor protection, health, social responsibility, environmental protection and corporate governance.
In its Sustainability Report 2020, Sovcombank disclosed its strategic ESG targets, including to achieve Net Zero (Scopes 1 and 2) to 2030, develop risk management strategy based on the ESG factors and increase the percentage of women top managers. We keep track of our energy efficiency and water consumption, publish annual progress reports and are to reduce our climate and environmental footprint.
In 2021, Sovcombank was the first bank in Russia to announce the TCFD recommendations implementation on climate-related financial risk disclosures. We analyzed the climate change risks to our loan portfolio and scrutinized carbon-intensive segments. Sovcombank will account for and report on embedding climate-related matters into its strategy, corporate governance and overall risk management framework, and will publish a Climate Risks Report with outcomes of the assessment of the current level of risks and opportunities identified.