BOŚ Bank pledges green assets growth, climate neutrality under new strategy

Bank Ochrony Srodowiska SA, or BOŚ Bank, plans to increase the share of green assets in its loan portfolio to 50% in 2023 from 36.3% in 2020 under its new sustainable development strategy.

The Poland-based lender, which specializes in supporting projects contributing to environmental protection, will strive to increase the sales of sustainable products to 400 million zlotys in 2022 and wants to limit the financing of thermal coal extraction projects and new coal-fired power blocks.

The lender said Oct. 26 that it will also strive to obtain an environmental, social and governance, or ESG, rating in 2021 and plans to implement ESG risk assessment for all new transactions with institutional clients starting from 2023.

Additionally, BOŚ Bank will launch the regular, annual publication of ESG reports, with the first ESG report published in October. The ESG reports will expand over time, with ESG risk disclosures to be added from 2023.

The bank also plans to achieve its own climate neutrality in 2030.

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As of Oct. 25, US$1 was equivalent to 3.97 Polish zlotys.