Expert RA has assigned MKB sustainable development rating at ESG-II
Expert RA has rated Credit Bank of Moscow (MKB) at ESG-II, which means a very high level of sustainability commitment in making key decisions. The outlook is stable.
The analysts note that MKB regularly takes steps to reduce its waste generation, reduces its energy consumption, and is actively migrating to the electronic document flow. The Bank keeps track of its own greenhouse gas emissions, which fell in 2020 by 40%.
MKB screens its customers, and looks at the social and environmental compliance of the project before approving its financing. The Bank has developed its own sustainable financing taxonomy, listing the criteria for classifying projects as "green", "social", "sustainable" and "transition". The Bank has committed not to support any projects in the sectors ineligible for EBRD financing, in particular the production of ozone depleting substances, polychlorinated biphenyls etc.
The agency appreciates the high degree of information openness: the bank publishes on its corporate website its audited financial statements, annual report, GRI standards-based sustainability report, Equator Principles E&S report, and a lot of information beyond the scope of mandatory disclosure.
"MKB has the highest rating among Russian banks for its sustainable development achievements. We are grateful to Expert RA for this rating and intend to continue strengthening our ESG positions in sustainable development and to promote the swift ESG transformation of our customers," underlined Julia Titova, First Vice President.