mBank puts a special focus to obligations concerning the climate and environment care. Due to that, we have set targets linked to mitigating our indirect and direct impact on the climate.
We have excluded the possibility to receive financing for the construction of a coal mine and restricted the possibilities for receiving financing of high-emission endeavor. We develop our expertise in providing financing to projects concerning renewable energy sources In 2020 we have taken steps within the Group to prepare for the issuances of green debt instruments, including covered bonds. In our brokerage office, we have implemented investment strategies into instruments based on ESG analysis. We want to raise pro-ecological awareness of clients with the support of appropriate products and services. We will work on special conditions, which we will offer to clients who intend to receive financing for renewable energy source installations or eco-house which meets the requirements for low demand for primary energy.
The aforementioned credit policies were approved by the Corporate and Investment Banking Risk Committee of mBank, which includes, inter alia, Vice-president of the Management Board: Chief Risk Officer and Vice-president of the Management Board: Head of Corporate and Investment Banking. We update our credit policies on an ongoing basis and review them at least once a year – we also take into account the impact of climate change using the expert method. The management board and supervisory board of mBank approved the mBank Group’s strategy for the years 2020-2023, including targets and measures related to climate protection. In 2020, during the meetings of the Risk Committee of the Supervisory Board, topics related to ESG issues were regularly discussed, including threats resulting from adverse changes in the natural environment (mainly climate change).
In order to mitigate our direct impact, we will measure our total carbon footprint and will gradually reduce it. We strive to decrease the electricity and natural gas usage. We want to reduce the environmental footprint of our car fleet. We save water, paper, and office supplies in the headquarters and branches of mBank. We want to implement recycling of materials. We are working on establishing a system for selecting suppliers who take ESG aspects into account. We will take actions which will support raising the awareness of sustainable growth notions of our partners.