Piraeus Bank, one of Greece’s four systemic banks, has announced an ambitious target of up to €6 billion in loans for sustainable development and green transition projects by 2027. The announcement was made at a high-level summit in Athens, held under the theme “Sustainability for the Economy and Society.” The forum gathered a wide range of Greek and international businesses, climate experts, and thought leaders to discuss the role of the banking sector in supporting society through the ongoing decarbonisation process in a rapidly changing climate and geopolitical environment.
CEO Christos Megalou Outlines Sustainability Goals
At the summit, Piraeus CEO Christos Megalou underscored the essential role of banks in addressing climate change and helping businesses and individuals build resilience. “Piraeus, as a key player in the banking sector, has a vital responsibility to assist its clients in adapting to climate change, strengthening resilience, and supporting the shift towards a more sustainable and stable economy,” said Megalou.
He further elaborated on Piraeus’ commitment to sustainable growth, stating, He went on to highlight Piraeus’ dedication to sustainable development, saying, As a frontrunner in Greece’s banking sector, we aim to build a loan portfolio focused on sustainability, targeting up to €6 billion by 2027.
This pledge aims to position the bank at the forefront of Greece’s sustainable finance landscape, while also contributing significantly to broader European and global efforts to combat climate change.
Piraeus: Driving Innovation for Sustainable Growth
Megalou also presented Piraeus’ strategic approach to fostering innovation and sustainable growth. “Our goal is to be a pillar of stability for the Greek economy and to fuel sustainable development across various sectors,” he said. “We see the challenges brought by climate change as opportunities to contribute to a more inclusive and sustainable society, while creating long-term value for our customers, shareholders, and Greek society as a whole.”
In addition to its loan target, Piraeus plans to play a proactive role in supporting industries in their transition to a more sustainable model by offering tailored financial products and advisory services. The bank’s efforts will be central to driving economic growth while simultaneously fostering a greener, more equitable future for Greece.
Global Support for the Green Transition
Eric Usher, Director General of UNEP FI, delivered a powerful message about the global implications of climate change during the summit. Usher noted, “Climate change is driving significant shifts in the global economy.” We’re seeing a shift towards renewable energy in the energy sector and electric vehicles in transportation, while other industries are also making similar transitions. Banks today are playing an essential role in enabling these changes and helping industries find sustainable solutions for future growth. Usher’s comments reinforced the critical importance of responsible finance in navigating these global transitions.
Piraeus: A Leader in Sustainable Banking
Piraeus Bank has been a leader in the sustainability field for years, co-developing the United Nations Principles for Responsible Banking (UNEP FI) in 2019. The bank has made a steadfast commitment to integrating sustainability into its core business model, not only by supporting green transition projects but also by encouraging greater responsibility within its lending practices. The summit was attended by key stakeholders, including representatives from the Bank of Greece, the Athens Stock Exchange, European banks, local businesses, academics, and climate experts, all of whom contributed to the forward-looking discussions on how to create a more sustainable future.
As part of its ongoing commitment to sustainable finance, Piraeus continues to develop innovative financial solutions that support the green transition and bolster Greece’s economic growth. The bank’s efforts are in line with European sustainability goals, which are crucial for tackling climate change and securing long-term financial stability for future generations.