Komerční banka’s commitment to reduce its exposure to the coal sector

4/16/2021
12:00 AM

In line with the strategy of its parent company, Société Générale, Komerční banka has committed to  reduce to zero by 2030 its exposure to projects actively associated with the coal sector. On this basis, Komerční banka is no longer providing new financial products to clients who have more than 50% of their revenue linked to coal.

The entire Komerční banka Group seeks to actively contribute to climate change mitigation through its own responsible business as well as through financing ‘green solutions’. On the other hand, it is phasing out its financing of projects falling within sectors with negative environmental impacts.

We no longer propose new financial products or services to prospects companies generating over 25% of their revenues in the thermal coal sector. For existing clients which have more than 25% of their revenue linked to the Thermal coal sector, we refrain from providing new products or services if there is no public time-bound transition plan to exit this sector. Eventually, we also have specific requirements regarding prospects and companies active in the thermal coal mining sector.” says Hana Kovářová, Executive Director, Brand Strategy and Communication, who also chairs the sustainable finance commission of the Czech Banking Association.

“On the contrary, we are committed to support clients who are investing in the decarbonisation of their activities and switching over to more environmentally friendly fuels or renewable energy sources. This means financing, for example, the installation of solar panels, wind turbines or biomass boilers,” adds Hana Kovářová.

Komerční banka is one of the Czech financial institutions that have openly subscribed to the strengthening of environmentally and socially responsible business in the Czech Republic and have recently signed the Czech Banking Association’s Memorandum for Sustainable Finance. Komerční banka has also made its own commitment to achieve carbon neutrality by 2026. 

Pavel Zúbek
KB Communication
Mobile: +420 725 420 107
pavel_zubek@kb.cz