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MKB supports Earth Overshoot Day

21.08.2020

Credit Bank of Moscow (MKB) joins the Earth Overshoot Day, which falls on 22 August 2020. This day is of great importance for the sustainable development of all mankind.

Resources are being consumed increasingly fast. Earth Overshoot Day shows when humanity's resource consumption for the year exceeds the planet's capacity to regenerate those resources that year. For the rest of the year, we borrow the resources we use from future generations, and the sooner that day comes, the higher interest we have to pay back in the future.

MKB endorses the corporate social responsibility principles and ESG practices. Its key priorities include the promotion of environmental and responsible consumption initiatives. To neutralise its “paper” footprint, the bank not only seeks to switch its document flows to the electronic format wherever possible, but has also sponsored the planting of 10,000 young fir and pine trees in Udmurtia as part of the Plant a Forest project. Also, MKB carries out a series of joint environmental projects with the World Wildlife Fund, the Moscow Zoo, and other ecological and nature conservation organisations.

According to the international think-tank Global Footprint Network (GFN), the notional stock of renewable natural resources for 2019 was used up on July 29, and for 2018 – on August 1. This year, the Covid-19 pandemic and the self-isolation measures delayed Earth Overshoot Day, which does not speak of environmental achievements, but rather demonstrates how much human activity affects the planet's ecology. Humanity will be able to register progress in reducing its negative ecological footprint only if Earth Overshoot Day is postponed as a result of deliberate actions of the majority of the world's population.