07 July 2020

Michael Diederich, Spokesman of the Board of Managing Directors of HypoVereinsbank discussed the potential boost that the coronavirus crisis could bring to the transition to a more sustainable economy worldwide, at the recent Sustainability Update 2020 event organised by Handelsblatt

2:00 min

In line with UniCredit Group’s long-term commitment to sustainability, ESG is also an integral part of the DNA at HypoVereinsbank and a central element of the bank’s business strategy because every company today has to do more than “business as usual” to make an impact. Building a sustainable future is an important challenge for both people and businesses.

The Sustainability Update this year explored the social transformation initiated by coronavirus and how this is having a profound impact on many social trends, including digitalisation, the growing importance of healthcare and partial deglobalisation. All of these could also help accelerate the transition to an increasingly sustainable society.

“The financial sector will play a key role in achieving global sustainability goals. Banks support the public sector and help finance the economy where the conversion to more sustainable sources of financing will be central to accelerating the overall trend,” said Mr. Diederich adding: “Sustainability is not a new topic for HVB neither on the investment nor on the financing side. We have been offering sustainable asset management since 2004 and were already present in the sector in 2007 when the European Investment Bank issued the first green bond”.

To further confirm its commitment to sustainability in all its markets, UniCredit Group last year announced concrete ESG (environmental, social and governance) targets, including  the commitment to fully exit the financing of thermal coal mining and cease support to coal-fired power generation projects at group level by 2023. UniCredit will also target a 25% increase of exposure to the renewable energy sector as well as growing energy efficient loans to customers with the aim to achieve a top 5 league table position in EMEA combined green bonds and ESG-linked loans.