As part of its broader strategy to support the sustainable development of the Greek economy and businesses and to harmonize its operations with the Principles of Responsible Banking, Piraeus Bank is increasing its corporate lending to selected companies based on Environmental, Social and Governance (ESG) criteria.

These criteria combine growth and financial performance with social and environmental sustainability and play a key role in the ability of companies to absorb the resources of the Recovery Fund and attract investment interest.

Piraeus is the first Bank in Greece to provide financing with ESG features and environmental sustainability clauses in sectors ranging from energy and industry to, most recently, shipping, demonstrating in practice its commitment to promoting a circular sustainable economy.

Under the relevant agreements, companies are committed to supporting sustainable development, aiming to reduce the environmental impacts associated with their operations, ensure optimal working conditions, and maximise their contribution to both the local and broader community.

Piraeus Bank has provided new ESG financing to SAKOS S.A. The company was founded in December 1996 to produce and market flexible plastic packaging materials. SAKOS creates products and provides services to high scientific and technical standards, and in order to achieve this goal, it applies a Quality Management System in all its production and administrative functions. It holds an EN ISO 9001:2008 certification, Quality Management according to ISO 9001:2015 standards since July 2018 and is certified with the “OK COMPOST” standard, having the ability to produce products with polymer materials based on PLA starch. Among the latest innovations are the leading Clean Foil Room (CFR-VIII) and Clean Bag Rooms (CBR-VI) that are fully compliant with ISO 14644, Class 8 and Class 6, radically reducing the presence of insects or microparticles (microbial vectors). The company’s aim is to maintain the balance of “Extremely clean workplace with certification, with zero environmental impact”.

In recent years, it has continuously invested in improving both its building infrastructure and its mechanical equipment using its own funds and making use of the benefits of the Development Law, while taking special care to train its staff and disseminate the principles of sustainable development through seminars and training programmes. With the partnership of Piraeus Bank, the company is contractually committed to supporting sustainable development, setting indicative targets for significantly improving energy efficiency, increasing the use of secondary raw materials and placing on the market innovative products with high environmental performance and a low energy footprint.

To date, the Bank has implemented a number of such contracts involving large and medium-sized enterprises, with a total amount of financing exceeding €300 million. Through these contracts, the Bank has actively supported the low-carbon circular economy, taking into account issues related to the impact of financing on society. The environmental benefits expected to be achieved in the coming years from the active partnership between businesses and Piraeus Bank are estimated to contribute significantly to the reduction of greenhouse gas emissions, the rational use of raw materials, and the protection of the natural environment in general.

Text source: Newmoney.gr