ENVIRONMENT

BUSINESS: 203 PRACTICES


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Initiative

Greenhouse Gas Εmissions Reduction in Eurobank

Greenhouse Gas Εmissions Reduction in Eurobank
SUBMITTED FROM:

Eurobank S.A.

The Eurobank Group, consisting of Eurobank S.A. (Eurobank) and its subsidiaries, is a strong banking group active in six countries, with total assets of €67.7 billion and 11,394 employees. Eurobank Ergasias Services and Holdings S.A. (Eurobank Holdings) is the parent company of Eurobank Group. With a total network of 625 branches in Greece and abroad, Eurobank offers a comprehensive range of financial products and services to its retail and corporate customers. In Greece, Eurobank operations encompass a retail banking network, dedicated business centers, a Private Banking network and a dynamic digital presence. Eurobank also has presence in Bulgaria, Serbia, Cyprus, Luxembourg and United Kingdom (London). Eurobank’s philosophy focuses on providing quality services to its customers, paying attention to their particular and diverse needs. Beyond core business activity Eurobank, responding to the needs of today’s everchanging environment, consistently designs actions relating to social and environmental issues, adopting responsible practices that promote transparency and business ethics. Eurobank links its business decisions to environmental sustainability, social responsibility and corporate governance (ESG).


Contact

Objective Action

Greenhouse Gas Emissions Reduction in Eurobank through Energy Efficiency

 

Target Audience

All Bank’s Employees.

 

Duration

Since 2008


Description

Eurobank S.A. implements an ISO 14001 certified and EMAS compliant Environmental Management System (EMS) and is the first bank in Greece  that implements an ISO 50001:2011 certified Energy Management System. In this context, the Bank  aims via energy saving (electricity, oil and natural gas) to Greenhouse Gas emissions reduction  as, due to the nature of Bank’s activities, its emissions derive primarily from electricity consumption. For Carbon Footprint calculation, the Bank has been using the internationally accepted Greenhouse Gas Protocol (GHG protocol).

In addition, from 2018 the Bank applies the Market Base Method for electricity, using the annual CO2 emission rates from the electricity providers. In this context, energy consumption is recorded and shared and starting from the supplies, the Bank carries out an evaluation of both the energy supply specifications of the providers and the electrical and electronic equipment that is supplied. Following the Green Procurement Policy, emphasis is given, among other things, on the potential eco-labeling of the equipment (eg energy class A +++, Energy Star).

On a periodic basis energy usage data (electricity, natural gas, oil) are collected through both HEDNO S.A. (Hellenic Electricity Distribution Network Operator S.A.) and energy providers, as well as automatic control systems such as specialized meters, etc. placed by the Bank. A special Electronic Application, the Bank has developed, has a significant contribution to energy use data collection and analysis per building/branch as it allows calculation of energy use in many different places (branches /buildings), while enabling ranking of different sites per electricity usage (top spenders /top savers).

The data above are criteria (among others) for the prioritization of the sites where energy audit is conducted according to ASHRAE Guideline 14-2002 and EVO Standard. Subsequently, a saving actions feasibility study is performed including techno-economic planning and energy saving technical intervention scenarios proposals, by calculating the energy savings and the expected return on investment. Following relevant assessments/approvals, the technical interventions are implemented.

The technical interventions are related to the electromechanical facilities performance improvement, the upgrade of mechanical /building infrastructure, while it shall be noted that, similar interventions are implemented in all new branches /areas and wherever extensive renovations are applied.

 

Some typical technical interventions that are implemented are presented below:

  • Installation of Building Management Systems (BMS) in the Bank’s administration buildings
  • Installation of motion detectors for the operation of the lighting systems and placement of LED systems in underground parking areas
  • Installation of VRF and autonomous air conditioning systems as well as ‘A’ class air cooled systems
  • Installation of supply and/or exhaust air ventilation systems with air recovery functions
  • Installation of lighting systems with energy saving (T5 fluorescent lamps with electronic ballasts) technologies

As part of the effort to reduce greenhouse gas emissions from the combustion of oil for heating purposes, we developed infrastructures to phase in the use of natural gas, resulting in a 3.52% reduction of the oil and gas emissions intensity ratio (tCO2e/kWh) since base year 2014.

In 2019, the Bank established and published the energy intensity ratio, which expresses the energy consumed by the Bank for all its operational revenues and is used to monitor its energy performance in relation to the scale of its operations.

The energy intensity ratio combined with the absolute energy consumption, helps the Bank adjust its energy performance through its activities.

The Bank has begun work to certify the Nea Ionia building complex for LEED GOLD . This building complex will be the Bank’s third office building with the relevant certification, thus demonstrating Eurobank’s excellent working environment. Note that the building at the junction of 25th Martiou St. & Teo St. (in Tavros) has obtained LEED Platinum certification and the building at the junction of Kyprou St. and Archimidous St. (in Moschato) has obtained LEED Gold certification.

At the same time, the Bank recognizing the critical role of its human resources in achieving the most efficient energy management and the reduction of greenhouse gas emissions, plans and implements employee awareness actions through training programs and participatory activities.

In addition Eurobank contributes indirectly to the reduction of greenhouse gas emissions through its products and investments, such as:

 

  • Energy-saving actions and in particular to the improvement of the energy performance of private homes in the country by actively participating in both the “Energy Saving at Home I” and “Energy Saving at Home II” Programmes.
  • Support for investments in Renewable Energy Sources (RES). The Bank has created special lending products for financing RES investments of  enterprises such as photovoltaic power stations and wind farms with low installed capacity.
  • The financing of other environmentally-friendly investments, financing investments in gas-fired power generation plants built to replace outdated polluting ones.
  • Supporting large RES investments through more complex banking products with a strong focus on structured finance projects.
  • Participating in equity in environmentally sensitive companies

The Bank's goal is to expand its loan portfolio in the field of RES and environmentally friendly investments as well as to continue supporting Greek and foreign investors active in this field.

The Bank, by significantly reducing greenhouse gas emissions from its operations, contributes to reducing climate change and contributes to the achievement of the Global Sustainable Climate Development Goal (SDG13).


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Impact on Society

In 2019 compared to 2014 the Bank achieved:

  • over 31.400 tn CO2e GHG emissions avoidance release
  • 64,40 % reduction of GHG emissions from energy consumption
  • 60,98 % reduction of GHG emissions from energy consumption/employee
  • 26,50 % reduction of electricity consumption/employee


Initiative Location

All Bank’s Buildings and Branches in Greece.


Working with Organization

To reduce energy consumption needs, Eurobank is working with an Energy Consultant (Energy Services Company-ESCO) under a model "Shared Benefit Energy Efficiency Contract". In Shared Energy Performance Contracts, the projects are financed by the Energy Consultant with own or foreign funds.

The Bank is a member of the permanent European Commission expert panel on Energy Efficiency Financing (EEF).The EEFIG was established in 2013 by the European Commission Directorate-General for Energy (DG Energy) and the United Nations Environment Programme Finance Initiative (UNEP FI). The principal aim of the EEFIG is initiate dialogue with all involved entities, so as to further promote the long-term financing of energy saving projects.


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Workers Participation

The educational programs and employee awareness and participation activities are:

  • Branches’ Environmental Officers participation in an interactive educational program (e-learning) on Bank’s environmental issues, energy saving including.
  • Branches’/Buildings’ ranking according to their energy consumption, and activation of sportsmanship for the improvement of performance
  • Communication of the campaign and the Ten Energy-Saving Tips (intranet site, e-mails etc.)
  • Energy-Saving Campaigns Implementation: The first was conducted in 2008, and the second which began in early 2015 with annual duration titled “Good Energy — Don’t waste it, use it for something good”. Its aim was to raise employees’ awareness, by combining over environmental and social benefits and incentives, since part of the energy savings was donated to a Charitable   Foundation.

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Benefits for Οrganization

Apart from the environmental benefits, there were substantial economic benefits for the Bank. In 2019 compared to 2014 there was over 18.400 MWh reduction in energy consumption corresponding to cost reduction for the Bank .

The 2019 energy intensity ratio was around 37.22 kWh/m€ and was up by 2.68% compared to 2018 (36.25 kWh/m€). The Bank aims to reduce its energy needs compared to its activities in the coming years.




Connection with Global Goals







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Actions for Energy performance improvement in Eurobank

Annual Report Business & Sustainability

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Employee well-being and work-life balance at Eurobank

Environmental Management System throughout Eurobank Group

Eurobank’s collaboration with Non-profit Organizations in the context of Environmental and Social contribution

Framework of the implementation of “Internship programs” in Eurobank Group

Innovation and Youth Entrepreneurship in Eurobank

Management of Waste Electrical and Electronic Equipment Program

Suppliers Evaluation of the Bank and the Eurobank Group

Sustainable Development at Eurobank

The application of the Code of Professional Conduct as a measure to promote transparency and to protect against corruption within the Group

WWF Eurobank Visa credit card



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