Financial Institutions Preparing the Market for Adapting to

Financial Institutions: Preparing the Market for Adapting to Climate Change Sofia Frantzi LIFE Climate Action Workshop 12 June 2014, Athens CORPORATE RESPONSIBILITY Environment Unit

CORPORATE RESPONSIBILITY Environment Unit Piraeus Bank’s LIFE projects 2006 - 2009 2010 - 2012 Environmental footprint reduction Identification and estimation of climate change risks and opportunities Environmental education First green banking product 12. 06. 2014 Climate Change Strategy Support to companies to adapt to climate change 2013 - 2017 Business and Biodiversity Protection and restoration of nature Systematic re-financing process 2

CORPORATE RESPONSIBILITY Environment Unit Climabiz project Title: Financial Institutions: Preparing the Market for Adapting to Climate Change Acronym: climabiz Website: www. climabiz. gr Duration: 11 January 2010 – 31 December 2012 Project code No: LIFE 08 ENV/GR/000552 Project funding: co-funded by 50% through the “LIFE+ Environment Policy and Governance” financial instrument of the EU Total project budget: € 1. 854. 140 EC financial contribution: € 924. 445 Partners: 12. 06. 2014 Coordinating beneficiary - Piraeus Bank Associated beneficiaries - FACE 3 TS, WWF Greece 3

CORPORATE RESPONSIBILITY Environment Unit Aim of climabiz Aim: …to trigger the timely adaptation of the market to the risks and opportunities of climate change… 12. 06. 2014 4

CORPORATE RESPONSIBILITY Environment Unit Climabiz main results • • • Climate Risk Management Model Piraeus Bank Group’s Climate Change Strategy Reports and articles Green Banking Portal Communication and education actions 12. 06. 2014 5

CORPORATE RESPONSIBILITY Environment Unit Climate Risk Management Model The innovation of climabiz project is attributed to the development of the Climate Risk Management Model which can provide calculations for: • the costs of physical and regulatory climate risk at a sector, subsector and company level (which are influenced by climate change) • the costs and benefits of the practices that a company can apply in order to reduce climate risk • the environmental footprint (air pollutants, greenhouse gases, liquid waste, solid waste) at a subsector and company level. 12. 06. 2014 6

CORPORATE RESPONSIBILITY Environment Unit Piraeus Bank Group’s Climate Change Strategy “Recognizing the impacts that climate change has on the economy, the society and the environment, Piraeus Bank Group has developed and incorporated a climate change 6 strategy based on four thrust areas: (a) Gradual reduction of Piraeus Bank’s Group carbon footprint, (b) Support of investments in renewable energy and energy saving projects, (c) Climate change risk assessment for Greek companies (d) Provision of solutions to businesses in order to adapt to the new climatic conditions……” 12. 06. 2014 7

CORPORATE RESPONSIBILITY Environment Unit Reports and articles Reports • “Climate change and Greek businesses: Risks and Opportunities”, report which provides an overview of climate change and its impacts in various Greek economy sectors. • “Climate change and business opportunities”, special report which estimates investment opportunities arising from climate change in Greece. • “Climate Change and the Financial Sector”, technical report which describes Piraeus Bank’s innovation regarding the estimation of climate change impacts. Academic article • Elena Georgopoulou, Sebastian Mirasgedis, Yannis Sarafidis, Vassiliki Hontou, Nikos Gakis, Dimitri Lalas, Foteini Xenoyianni, Nikos Kakavoulis, Dimitris Dimopoulos & Vrassidas Zavras (2014): A methodological framework and tool for assessing the climate change related risks in the banking sector, Journal of Environmental Planning and Management, DOI: 10. 1080/09640568. 2014. 899489 12. 06. 2014 8

CORPORATE RESPONSIBILITY Environment Unit Green Banking Portal Creation of the portal www. greenbanking. gr of Piraeus Bank, for the promotion of green business, through showcasing: • Good practices adopted by organizations or enterprises for the reduction of their environmental footprint (e. g. reduction in energy or paper consumption) and • Enterprises that produce or provide products or offer services in the field of green business (e. g. photovoltaics, organic food, waste management, ecotourism). 12. 06. 2014 9

CORPORATE RESPONSIBILITY Environment Unit Communication and education actions • 3 e-learning programmes • 22 workshops with 400 participants in Greece and abroad • Participation in conferences such as a side event at the UNFCCC held in Doha, Qatar, in November 2012 • The climabiz calculator, a simplified version of the Climate Risk Management Model http: //www. climabiz. gr/calculator • Short promotional videos played in the Bank’s branches and its social media platform (Think Green) • Publication of around 200 press advertisements 12. 06. 2014 10

CORPORATE RESPONSIBILITY Environment Unit Climabiz – Best LIFE Environment project The climabiz project has been awarded as one of the 21 Best LIFE Environment projects in Europe completed by 2013. The award ceremony took place on Wednesday, 4 June in Brussels as part of “Green Week”. 12. 06. 2014 11

CORPORATE RESPONSIBILITY Environment Unit Climabiz – After LIFE • Further enhancement of the Climate Risk Management Model • Assessment of climate risk of new portfolio (Piraeus Bank & all the newly acquired banks) • New education programmes dedicated to agriculture, biodiversity, climate change for all employees • Awareness raising and dialogue with stakeholders in topics related to agriculture, biodiversity, climate change, business management 12. 06. 2014 12

Thank you! 12. 06. 2014 CORPORATE RESPONSIBILITY Environment Unit