RAEX-Europe's updated December ESG ranking of Russian companies places Credit Bank of Moscow (MKB) on the third spot. Compared to the preceding survey, MKB has climbed as many as 17 spots and has become the first bank to enter the top 10 by ESG in Russia.
The highest progress was achieved by MKB with respect to the environmental component ("E"): the bank is the first in Russia by environmental risk management, with the best scores for management of natural resources. The Bank not only reduces its energy and water consumption and the amount of office waste, but also actively engages its customers and counterparties in carbon imprint reduction.
MKB fully formalised its E&S assessment processes for financing, and implemented an internal taxonomy. MKB classifies all financed projects as "green", "social", "sustainable" and "transition". The Bank assists its customers in carrying out ESG transformation processes.
"We are grateful to RAEX-Europe for the high evaluation of our work, and delighted that our bank's contribution to the common green agenda, both global and Russian, has been recognised by international experts. We see increasing interest from our customers to achieving progress in line with sustainable development goals and ESG agenda. This is true not only for big resource consuming companies, including export-oriented ones, but also companies targeting the internal market. We want to achieve more and will put more effort to engage customers and help them decarbonise, based on our experience and expertise," underlined Julia Titova, First Vice President.