Finance News

TBC Bank Exceeds 2023 Sustainable Financing Target by 57%

In a remarkable achievement, TBC Bank Group PLC, Georgia’s largest bank, has successfully exceeded its 2023 target for sustainable financing. According to the bank’s latest sustainability report, TBC’s sustainable portfolio expanded by an impressive 57% year-on-year, reaching GEL 1.2 billion (US$380 million). This milestone not only surpasses the initial goal of GEL 1 billion but also underscores the bank’s commitment to fostering sustainable development and innovation in the financial sector.

Commitment to Sustainability

TBC Bank’s dedication to sustainability is evident in its strategic initiatives and investments. The bank’s CEO, Vakhtang Butskhrikidze, emphasized the importance of creating opportunities for transitioning to a sustainable, technology-driven economy in Georgia. By focusing on increasing the resilience of households, businesses, and society, TBC aims to provide future generations with the means to pursue their goals in a safe and prosperous environment.

The bank’s efforts extend beyond Georgia, incorporating sustainable development approaches into its subsidiaries. This international expansion reflects TBC’s responsibility to contribute to a better future through innovation and technology. By increasing the accessibility of financial services, TBC enables its customers to be part of the globalized economic society.

TBC Bank sustainable financing 2023

In terms of its direct environmental impact, TBC is targeting net zero emissions by 2025. The bank has committed to reducing its carbon footprint by implementing solar energy solutions in all major branches by the end of 2024. Last year, TBC installed two solar power plants, with the generated energy used by its branches and facilities in Georgia.

Expanding Sustainable Portfolio

The significant growth in TBC’s sustainable portfolio is a testament to the bank’s proactive approach to sustainable financing. The portfolio’s expansion to GEL 1.2 billion highlights the bank’s ability to identify and support projects that align with its sustainability goals. This achievement is particularly noteworthy given the challenging geopolitical backdrop in the region.

TBC’s sustainable financing initiatives include a range of projects aimed at promoting environmental and social best practices. The bank’s MSCI ESG rating of ‘AA’, the second highest on the scale, and the EBRD’s Annual Sustainability Silver Award for 2023, further validate TBC’s leadership in this area. These accolades reflect the bank’s commitment to integrating environmental, social, and governance (ESG) principles into its operations.

In Uzbekistan, TBC installed 19 solar panels at its head office in Tashkent in 2023. The bank also plans to install 36 electric charger stations at its offices and other premises in 2024. These initiatives demonstrate TBC’s dedication to reducing its environmental impact and promoting sustainable practices across its operations.

Community Support and Future Plans

TBC Bank’s commitment to sustainability extends to its support for community development and education. The bank allocated GEL 2 million for social and charitable projects and raised GEL 800,000 for the Shovi landslide-affected population. Additionally, TBC launched several educational initiatives, including Tech-School for schoolchildren and the TBC x USAID Technological Education program.

Looking ahead, TBC plans to continue expanding its sustainable portfolio and enhancing its ESG strategy. The bank’s focus on innovation and technology will play a crucial role in achieving its sustainability goals. By fostering a culture of sustainability, TBC aims to set a benchmark for other financial institutions in the region.

The bank’s future plans also include further investments in renewable energy and sustainable infrastructure. TBC’s commitment to achieving net zero emissions by 2025 will involve the implementation of additional solar energy solutions and other green technologies. These efforts will not only reduce the bank’s environmental impact but also contribute to the broader goal of creating a sustainable and resilient economy.

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