AS Citadele banka
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:3,721 tCO2e (own operations, offset to net zero)
Scope 1 Emissions:82.4 tCO2e
Scope 2 Emissions:343.4 tCO2e
Scope 3 Emissions:3,295.6 tCO2e (upstream)
Renewable Energy Share:73% (of total energy purchased)
Total Energy Consumption:3,402.4 MWh
Carbon Intensity:2.9 tCO2e per employee (own operations)
ESG Focus Areas
- Climate change
- Environmental responsibility
- Social responsibility
- Corporate Governance
Environmental Achievements
- Achieved carbon neutrality in own operations by end of 2023 (through renewable energy use and offsetting unavoidable emissions).
- All three headquarters now operate on 100% renewable energy.
- Disbursed EUR 115 million in green lending (13% of total new lending).
- Launched the first green savings account in the Baltic market with EUR 36.3 million in deposits by year-end.
- Launched a green mortgage loan aimed at financing energy-efficient homes.
Social Achievements
- Launched volunteer days, allowing employees three paid workdays per year for volunteering.
- Reduced voluntary employee turnover rate to 3.6% (from 4.5% in 2022).
- Achieved a record high Employee Net Promoter Score (eNPS) of 47% in Q4 2023.
- Introduced Little Champions Co-Working Space in Riga HQ for parents.
Governance Achievements
- Continued integrating climate risk into risk policies and governance frameworks.
- Joined the Partnership for Carbon Accounting Financials (PCAF).
- Implemented a process for Environmental, Social, and Climate-related risk assessment on individual large exposures.
- No confirmed incidents of corruption or bribery during 2023.
Climate Goals & Targets
Long-term Goals:
- Net-zero financed emissions by 2050.
Medium-term Goals:
- Achieve net-zero operations, including financed emissions, by 2050.
- Switch to renewable energy in all premises.
Short-term Goals:
- Further minimize the carbon footprint of office operations.
Environmental Challenges
- Ongoing challenges associated with the quality, accuracy, and availability of climate data.
- Limited availability of data on GHG emissions, transition plans, and other environmental risks beyond climate change.
- Low overall awareness of what the green transition entails.
- Complexity and non-linearity of climate change, with many uncertainties.
Mitigation Strategies
- Joined PCAF to improve data quality and availability.
- Investing in ESG teams' knowledge base expansion.
- Received advisory support under the European Investment Bank’s Green Gateway facility.
- Continued work on assessing Scope 3 GHG emissions.
- Developing a comprehensive plan to achieve net-zero portfolio emissions by 2050.
- Strengthening climate risk management systems and helping clients manage their own climate-related risks.
- Extending C&E risk assessment to include biodiversity and water scarcity risks.
Supply Chain Management
Responsible Procurement
- Supplier Code of Conduct
Climate-Related Risks & Opportunities
Physical Risks
- Floods (river and coastal)
- Drought and related water stress
Transition Risks
- Regulatory changes
- Market shifts
Opportunities
- Growth in clean energy subsector
- Increased market size for green and climate finance
Reporting Standards
Frameworks Used: GRI Standards (GRI 1: Foundation 2021), TCFD recommendations
UN Sustainable Development Goals
- SDG 3
- SDG 7
- SDG 8
- SDG 9
- SDG 13
Contribution to SDGs through operations, products, services, and financing.
Sustainable Products & Innovation
- Green savings account
- Green mortgage loan
- Green leasing (electric vehicles)
- Loans for energy efficiency improvements
Awards & Recognition
- Nasdaq Baltic Awards 2023 (second best in Best Investor Relations on Bond List category)
- Family Friendly Workplace designation by the Society Integration Fund in Latvia