MKB has disclosed its assured greenhouse gas emissions

Credit Bank of Moscow has disclosed its greenhouse gas emissions [1] measured in accordance with international requirements and assured by Deloitte.

The quantification of greenhouse gas emissions shows that in 2020 the bank's direct emissions (Scope 1 – emissions from on-site and fleet fuel combustion) amounted to 761 tons of CO2e, while its indirect energy-related emissions (Scope 2 – emissions that result from the generation of imported electricity, heat or steam consumed by it) reached 2,536 tons of CO2e.

In 2020, the total greenhouse gas emissions reduced by 40%, direct greenhouse gas emissions by 70%, and indirect energy-related emissions by 16% compared to the preceding year. The reduction was caused by allowing some employees to work from home, by downsizing the car fleet, and by fulfilling a complex of energy efficiency improvement actions.

In order to further reduce its greenhouse gas emissions, MKB will continue making its offices more energy-efficient. The bank plans to reduce the consumption of electricity and heat in its buildings in 2021-2023 by at least 30% and 23.5%, respectively (compared to 2019). The residual greenhouse gas emissions irreducible for objective reasons are to be pre-compensated by supporting forest-related climate projects.

"Our progress in reducing greenhouse gas emissions is our contribution to the battle against the climate change which is fought today at the highest international level, i.e. under the UN's aegis. In the nearest term, the bank is to address the climate agenda by designing and implementing measures to reduce its controlled GHG emissions, by quantifying its loan portfolio's carbon footprint, and by engaging in international initiatives and climate workgroups," underlined Vladimir Chubar, Chairman of the Management Board.

[1] Section 7 "Environment", p. 137