Since 2020, Garanti Bank Romania affirmed Sustainability as one of its strategic priorities, in line with its assumed role of significant contributor to the inclusive, environment caring, economic and social development. As a bank, we can act as financier for the greener economy, but also share our knowledge, foster cooperation with external stakeholders and use our influence in the society in order to increase awareness and achieve results in promoting a sustainable development. As per its Sustainability Policy, in line with Paris Climate Goals and the BBVA Group’s climate finance strategy, Garanti BBVA set itself as a strategic objective to decarbonize the loans portfolio by 2050. To this end, the bank incorporates progressively the climate change opportunities and risks into its strategy, processes and risk management, by considering the direct and indirect environmental and social impact generated of its operations. Particularly in respect of the climate impact, the Bank is progressively aligning its lending activity to the objectives of the Paris Agreement.

Also, along with the entire Romanian banking system, Garanti Bank will strive to act as a facilitator for the  implementation in Romania of the European Union’s  Green Deal aimed  to transform the Union into a zero net emissions of greenhouse gases by 2050 by moving to a clean, circular economy in order to  restore biodiversity and cut pollution and in this sense our Sustainability Procedure outlines a set of principles and main categories of actions to be followed in this direction.   

BBVA Group has always been at the forefront of Sustainability in banking and one of the first global banks who took steps in the Sustainability direction: as a founding member of the Net Zero Banking Alliance, BBVA committed to be neutral in carbon emissions by 2050 and already met the pledge of becoming carbon neutral in terms of own emissions for two years, while it further aspire to be carbon neutral, including the emissions of customers and suppliers.

Pursuing as main goal to help its clients in their decarburization transition, BBVA Group supports them with advice and financing. Sustainability is already translating into business, and is currently a key pillar of Group’s growth. In 2022, €50 billion were channeled by BBVA Group towards sustainable finance and this this new segment is growing so fast that BBVA tripled its initial sustainable finance goal to €300 billion for the period 2018-2025. This efforts were recognized by the highest score awarded for the Sustainability Index in the European banks category by Dow Jones – the benchmark global reference for sustainability – for the third consecutive year as well as the title of Europe’s most sustainable bank.

GBR Sustainability Policy

Garanti Bank Romania‘s vision and general principles on Sustainability are set forth in our Sustainability Policy,. Garanti Bank Romania defines Sustainability as a commitment to build a strong and successful business for the future, while minimizing negative environmental and social impacts and shares this long-term goal with its customers, staff, shareholders and the community it operates in.

Garanti Bank Romania aspires to achieve its goal of sustainable banking through technological innovations, managing the environmental footprint of its operations and developing a sound environmental & social risk assessment as part of its risk management framework. The Bank also recognizes the importance of an effective organizational structure and strong corporate governance to maintain ongoing development and successfully deliver the Sustainability objectives.

Furthermore, Garanti Bank Romania is aware of the need to collaborate and engage with its peers and suppliers to identify new opportunities, capture emerging best practices and innovative products.

General principles

By setting Sustainability as one of its major pillars of its long term strategy, Garanti Bank Romania acknowledges the importance of conducting business activities in a responsible manner and aims through this Policy to ascertain the guiding principles for its Sustainability strategy and actions.

We strongly believe that operating sustainably is a key driver to the long-term success of the Bank and we started developing our capabilities to manage climate risks and support the growing relevance of social inclusion. Integrating sustainability principles in our operations will be enhanced through specific actions:

GBR Governance structure for Sustainability

Reuniting members from relevant areas of the bank (business segments, risk, legal, finance, HR, PR), the Sustainability Committee of Garanti BBBVA gives direction for the general sustainable business approach of the Bank, assesses and steers the development and implementation of Bank’s Sustainability Policy.

The Committee oversees, amends, improves and enforces the Sustainability objectives and policies of the Bank, as well as the subsequent actions set at GB RO level, with the main goal to promote sustainability in the financial sector while fostering the active involvement of all areas of expertise in the bank, leveraging data available on environmental and socially inclusive matters to design products and technological capacities; promote relevant training for employees; integrate ESG risks into the bank’s processes and procedures (e.g. risks associated with climate change -physical or transition).