OLB publishes Non-Financial Report 2021

Apr 26, 2022 12:00 AM

Oldenburg | 26. April 2022

  • Bank publishes key figures according to EU taxonomy for the first time and prepares for ESG rating


April 26, 2022 – Oldenburgische Landesbank AG (OLB) published its Non-Financial Report for the 2021 fiscal year. In it, the Bank presents its climate-related performance indicators, and provides an update on the strategic framework for the Bank's sustainability activities – vis-à-vis customers and in its own business operations.

OLB acts sustainably with regard to its own banking business, society, and the environment. In doing so, the Bank is guided by the Principles for Responsible Banking, the UN Sustainable Development Goals, and the Paris Climate Agreement, among other things. These guidelines are firmly anchored in the bank's corporate strategy and Code of Conduct.

Setting a strategic framework for sustainability activities

OLB is focuses on four core areas to develop further its strategic sustainability framework:

  1. Creation of a reliable database to underpin future sustainability targets: In the 2021 Non-Financial Report, OLB reports its Scope 1 and Scope 2 emissions. From Q2 2022, the Bank will also measure and analyze its Scope 3 emissions. In this regard, the bank has been steadily improving its own environmental performance. From the start of data collection in 2006 until today, carbon dioxide emissions per employee have been reduced by 56 percent. Paper consumption has fallen by around a third over the past five years. Electricity consumption was reduced by around 15 percent in the past year alone and is now sourced 100 percent from renewable sources.
  2. Contributing to the transformation of the economy as a responsible financial institution: To be able to assess ESG risks of borrowers and their industries, the bank is working on an ESG scoring. Similar measures are planned for securities investment products. This will enable the bank to manage financing and investments according to ESG criteria.
  3. Establishing a strong ESG governance: To this end, the bank is setting binding quantitative targets for its Scope 1, 2 and 3 emissions. It is also creating internal structures and processes to drive forward the implementation of its future sustainability strategy, including CO2 targets.
  4. Focusing on transparency: In order to have its sustainability targets and activities independently evaluated, OLB is working on the process of receiving an ESG rating. The plan is to complete this process by the end of the year at the latest. In 2021, the Bank mapped its business activities to the criteria of the EU taxonomy for the first time. In the process, it was able to demonstrate a 19.6 percent share of taxonomy-eligible risk positions.

In addition, starting in early May, OLB will enable its customers to measure their personal carbon footprint with the "OLB Klimascore" app. At the touch of a button, users will be able to see what impact its ordinary activities will have on the environment through the emissions estimated for that purpose. In the future, the app, developed with the Swedish impact tech provider Doconomy, will enable customers to offset their emissions with climate protection projects.

OLB's social commitment

Another important aspect for OLB is its support for charitable projects. Primarily through the OLB Foundation, about 200 projects with a total volume of more than EUR 570,000 were supported in 2021. In addition, the Foundation initiated and implemented in 2021 own projects, such as the OLB Science Award and the OLB Award for Architecture and Civil Engineering, in which ecological quality and the sustainable choice and design of building materials were key evaluation criteria.

Interested parties can find more detailed information about OLB's commitment to sustainability in the current Non-Financial Report, which is available both in the online database of the German Sustainability Code (DNK) and on OLB's website. The report also serves as a non-financial statement, which OLB submits once a year as a corporation in accordance with the German Commercial Code. The report was prepared in accordance with the guidelines of the Global Reporting Initiative. As usual, the report was independently audited by the GSC team.

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