Fibank has taken another step towards implementing its comprehensive approach to integrating sustainable development requirements into its activities.
The bank has published its first standalone sustainability report, which outlines the institution's strategic efforts in the field of environmental, social and governance sustainability (ESG).
Fibank is among the first banks in the country to publish a report for 2024 in full compliance with the European Sustainability Reporting Standards (ESRS), accompanied by an independent assessment of the information by a registered sustainability auditor.
Sustainability is among the main pillars of First Investment Bank's business strategy, along with digitalization and stability, which is why although the first reporting period for which Fibank is required to prepare a sustainability report by 2025, Fibank's management decided to start the process earlier and prepare its first independent report as early as 2024.
The bank relies on high standards of corporate ethics, transparency and professional conduct, integrating ESG factors into business decision-making.
The report is based on a double materiality assessment, conducted according to the requirements of the ESRS and the guidelines of the European Financial Reporting Advisory Group (EFRAG).
The process includes a detailed analysis of the value chain and interactions with key internal and external stakeholders. The result is the identification of the essential topics for sustainable development, on which the bank will focus in the future.
In the area of environmental responsibility, Fibank carried out a full inventory of greenhouse gases according to the PCAF (Partnership for Carbon Accounting Financials) methodology, including financed emissions (indirect Scope 3 emissions) resulting from the Bank's lending and investment activities. This is a key indicator of the carbon footprint of the loan portfolio and a basis for future decarbonization and sustainable financing goals.
The bank supports the transition to zero net carbon emissions by 2050 and as part of its long-standing commitment, Fibank has already developed special “green“ credit products: “Green Transport“, “Green Energy – free market“, “Green Energy – own consumption“, as well as loans for energy efficiency and electric vehicles.
In addition to environmental indicators, the report also presents the results of the Bank's social initiatives, as well as the implemented good corporate governance practices. The full Fibank Sustainability Report for 2024 is available on the Bank's official website.