SBTi will check whether mBank’s decarbonisation pathway is in line with scientific evidence regarding global warming. Climate protection is a vital component of mBank’s strategy.
By joining the Science Based Targets initiative (SBTi), mBank undertook to develop a decarbonisation pathway for the next 5–15 years within two years. The developed action plan will support the goals of the Paris Climate Agreement. This means that the carbon footprint reduction trajectory of mBank and its borrowers will be commensurate with the rate, which needs to be maintained globally in order to limit climate warming to 1.5–2°C. The initiativeorganisation will check whether the bank’s decarbonisation pathway is in line with scientific evidence regarding global warming.
By joining SBTi, we once again displayed our commitment to climate protection. Earlier, mBank announced its objective to achieve climate neutrality in scopes 1 and 2 by 2030 and net-zero emissions by 2050. We believe our biggest impact on the climate is through our lending services. This is why we focus on green investments and lead the way when it comes to funding renewable energy sources. Moreover, our lending policy does not allow us to fund the construction and development of coal mines and coal-fired power plants, says Marek Lusztyn, mBank’s Chief Risk Officer. We support our clients in their decarbonisation efforts and add new products such as eco-friendly mortgage and investment loans to our product range. Climate protection is a key component of our business strategy and ESG agenda, he adds.
The Science Based Targets initiative (SBTi) is a leading global institution that helps companies set ambitious science-based decarbonisation goals. It supports businesses around the world in reducing their greenhouse gas emissions with the goal of halving them by 2030 and bringing them to net-zero by 2050. The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
Organisations and initiatives in which mBank participates:
UNGC (United Nations Global Compact) – UN’s initiative working towards the implementation by business of the ten universal principles concerning human rights, labour, environment, and anti-corruption and promoting UN’s 17 sustainable development goals. With more than 12,000 companies and 3,000 non-business signatories based in over 160 countries as well as 69 local networks, the UNGC is the world’s largest corporate sustainable development initiative (https://www.unglobalcompact.org/).
Principles for Responsible Banking – mBank is a signatory of the United Nations Environment Programme Finance Initiative (UNEP-FI) and the Principles for Responsible Banking. It was the first Polish bank to join this initiative. By signing the principles, the bank committed to the UN’s Sustainable Development Goals and the Paris Climate Agreement (https://www.unepfi.org/banking/more-about-the-principles/).
PCAF (Partnership Carbon Accounting Financials) – a partnership of banks that developed a methodology for measuring the carbon footprint of loan and investment portfolios of financial institutions (https://carbonaccountingfinancials.com/about)
SBTi – Science Based Targets initiative – a partnership between UNGC, CDP, WWF and World Resources Institute, which assesses whether corporate emission reduction targes are science-based (https://sciencebasedtargets.org/).