NBG pays special attention to potential risks that may arise as a result of climate change and are associated with sustainability on a broader level. According to a report by the United Nations Environment Programme Finance Initiative (UNEP FI), “Climate Change & the Financial Services Industry – Risks and Opportunities”, the impact of climate change is already evident globally in the banking and insurance sectors. Climate change entails significant risks for both banks and their customers/borrowers, due to stricter legislation regarding the management of greenhouse gases, increased insurance premiums and negative public opinion regarding polluting industries and natural disasters. Risks arising from climate change include the following:
• Natural risks.
• Business risks.
• Legal and regulatory risks.
Nevertheless, while the risks arising from climate change are evident, a number of significant growth opportunities are emerging, which NBG intends to leverage. The development of an economy that produces fewer pollutants on both the national and international level will generate competitive advantage for organizations that have already taken precautionary measures to this end. At the same time, new markets and innovative products, designed to reduce greenhouse gas emissions, will comprise a new area of business activity.
Actions: Responsibility to the Environment