Climate Change Data

Credendo – Export Credit Agency

Climate Impact & Sustainability Data (2017, 2022, 2023)

Reporting Period: 2017

Environmental Metrics

ESG Focus Areas

  • Corporate Social Responsibility (CSR)

Social Achievements

  • 2015-2017 update of the CSR Report published at the beginning of 2018

Governance Achievements

  • Implemented a group-wide Corporate Governance framework, drawing upon the European Solvency II principles.

Climate Goals & Targets

Environmental Challenges

  • US protectionism and potential trade wars
  • Increasing public debt levels globally, particularly in Sub-Saharan Africa and the Middle East and North Africa.
  • Rising corporate debt levels in several emerging countries.
  • CEMAC liquidity crisis exacerbated by decreased commodity prices and regional conflicts.
Mitigation Strategies
  • Diversification of trade markets and conclusion of new free-trade agreements (Mexico)
  • Better public financial management and strong policymaking (Sub-Saharan Africa)
  • Outward reinsurance to mitigate underwriting risk
  • Careful selection of reinsurers with at least investment-grade ratings and strict follow-up.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:636 tonnes of CO2 equivalents in 2020; 867 tonnes in 2021 (2022 under measurement)

ESG Focus Areas

  • Climate Change
  • Energy Transition
  • Environmental Sustainability
  • Social Responsibility
  • Governance
  • Diversity & Inclusion
  • Employee Well-being
  • Responsible Procurement
  • Human Rights

Environmental Achievements

  • Achieved carbon neutrality in 2019 through emission reduction and offsetting.
  • Reduced greenhouse gas emissions by almost a third since 2010.
  • Launched Credendo Green Package in May 2022, offering favorable conditions for sustainable projects.
  • Invested EUR 100 million to fund green transactions.
  • Installed 134 solar panels on the Brussels head office roof in Q1 2022.
  • Replaced Freon-based chiller with a condensing chiller in January 2022.

Social Achievements

  • Launched various programs to improve employee well-being and work-life balance (Credendo cares).
  • Implemented onboarding program with buddy system for new hires.
  • Offered flexible working hours and work-from-home options.
  • Supported internal mobility and provided diverse training programs.
  • Organized internal sustainability training sessions on Environment, Social, and Governance.

Governance Achievements

  • Updated corporate sustainability policy in 2022 to align with sustainability goals.
  • Implemented ESG strategy in investment portfolio, excluding fossil fuels.
  • Developed an ESG label for certain transactions.
  • Established anti-bribery and anti-corruption policy in line with OECD standards.
  • Implemented a responsible procurement policy.

Climate Goals & Targets

Long-term Goals:
  • Net-zero greenhouse gas emissions by 2050.
Medium-term Goals:
  • Continue to increase focus on sustainability and ESG topics.
Short-term Goals:
  • Further reduce carbon footprint and improve energy efficiency.

Environmental Challenges

  • Rising debt levels in Africa.
  • Increased geopolitical tensions.
  • Intensifying natural disasters due to climate change.
  • High wealth inequalities.
  • Rising autocracies and social/political instability.
Mitigation Strategies
  • Applying stricter internal rules for high-risk countries.
  • Avoiding projects that could worsen country risks.
  • Implementing ESG strategy in investment portfolio.
  • Phasing out export finance for fossil fuels.
  • Supporting projects contributing to the UN SDGs.

Supply Chain Management

Responsible Procurement
  • Thorough assessment of suppliers before working with them.
  • Preference for local suppliers and those with high-standard certifications.

Climate-Related Risks & Opportunities

Physical Risks
  • Intensifying natural disasters
Transition Risks
  • Regulatory changes, market shifts
Opportunities
  • Investments in climate-friendly technologies and projects

Reporting Standards

Frameworks Used: OECD Common Approaches, IFC Performance Standards, UN SDGs

Certifications: CO2 Neutral label (CO2logic)

Third-party Assurance: CO2logic

UN Sustainable Development Goals

  • 3
  • 4
  • 6
  • 7
  • 8
  • 9
  • 11
  • 12
  • 13
  • 16
  • 17

Many Credendo transactions contribute directly to these SDGs.

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:1.5 tCO2e/year per FTE (2022)

ESG Focus Areas

  • Climate Change
  • Environmental Sustainability
  • Social Responsibility
  • Governance
  • Human Rights

Environmental Achievements

  • Achieved carbon neutrality in 2019 and maintained it through offsetting.
  • Reduced greenhouse gas emissions by almost a third since 2010.
  • Launched Credendo Green Package in 2022 to support sustainable projects.
  • Installed solar panels on Brussels head office.
  • Switched to more ecological paper for printing.

Social Achievements

  • Launched 'Credendo Cares' well-being initiative with programs for mental and physical health.
  • Implemented onboarding program with buddy and mentor system.
  • Offered flexible working hours and remote work options.
  • Supported internal mobility and lifelong learning.
  • Organized various employee engagement activities (e.g., World Environment Day, European Mobility Week).

Governance Achievements

  • Updated corporate sustainability policy in 2023.
  • Implemented ESG strategy in investment portfolio with four pillars (exclusion, ESG score, proxy voting, green energy mandate).
  • Adherence to OECD standards on anti-bribery and anti-corruption.
  • Implemented a digital whistleblower portal.
  • Developed due diligence procedures to identify and mitigate risks.

Climate Goals & Targets

Long-term Goals:
  • Maintain carbon neutrality.
Medium-term Goals:
  • Further increase support for sustainable projects through Credendo Green Package.
Short-term Goals:
  • Continue reducing carbon footprint and improving energy efficiency.

Environmental Challenges

  • Increasing geopolitical tensions and instability.
  • High debt levels in some regions, particularly Africa.
  • Intensifying climate change and its impact on country risks.
  • Decreasing attention to sustainability across regions.
Mitigation Strategies
  • Incorporation of political, social, institutional, and environmental factors into Country Risk Assessment Model (CRAM).
  • Stricter internal rules for high-risk countries.
  • Avoidance of projects that could worsen country risks.
  • Alignment with COP26 statement and phasing out unabated fossil fuels.
  • Implementation of Credendo Green Package.

Supply Chain Management

Responsible Procurement
  • Thorough assessment of suppliers before working with them.
  • Preference for local suppliers and those with high-standard certifications.

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme natural disasters (floods, droughts)
Transition Risks
  • Regulatory changes related to climate policy.
Opportunities
  • Investments in renewable energy projects.

Reporting Standards

Frameworks Used: OECD Common Approaches, IFC Performance Standards, UN SDGs

Certifications: CO2 Neutral label (CO2logic)

Third-party Assurance: CO2logic

UN Sustainable Development Goals

  • 3
  • 4
  • 6
  • 7
  • 8
  • 9
  • 11
  • 12
  • 13
  • 16
  • 17

Many insured transactions contribute to these SDGs.