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Environment

Given the nature of its business activities, the direct environmental impact of the Bank and its capital group is limited to the consumption of natural resources. All entities within the Group monitor the use of raw materials and engage in initiatives aimed at reducing their consumption. The indirect environmental impact concerns financing provided by the Bank to corporate and public entities, as well as the Bank’s product offering.
On 24 February 2025, the Management Board of the Bank adopted the Transformation Plan of the PKO Bank Polski S.A. Capital Group, aimed at supporting the long-term goal of the Paris Agreement – to pursue efforts to limit the global temperature increase to 1.5°C above pre-industrial levels. The Plan includes objectives and actions related both to the Bank’s own operations and to the financed emissions of the Group (Scope 3 – credit portfolio).

The Transformation Plan contributes to the achievement of strategic sustainable development objectives:

  • Achieving net zero by 2050;
  • Reducing own emissions (Scopes 1 and 2) and sourcing at least 90% of energy from renewable sources;
  • Decreasing the energy intensity of buildings;
  • Supporting clients in improving energy efficiency (Scope 3).

The setting of portfolio-related targets was preceded by an analysis to identify sectors to be prioritised in the Transformation Plan. Priority sectors were selected taking into account, among other factors, the assumptions of the 2025–2027 Strategy.

Out of several industries assessed, the power generation sector and the residential real estate sector were selected as the starting point for establishing greenhouse gas reduction targets related to lending activities. Targets for the residential real estate sector apply to two Group entities granting such loans (PKO Bank Polski S.A. and PKO Bank Hipoteczny S.A.), while targets for the power generation sector apply to the Bank. Subsequent steps will include further work on improving financed emissions calculation methodologies, enhancing the quality of emissions data, and expanding targets to cover other key sectors. The initial sector selection process focused on companies and exposures with the highest emissions. Exposures to the two selected sectors account for over 42% of the Group’s credit portfolio in terms of Weighted Bank Book value.

The Transformation Plan will be reviewed and its scope gradually expanded.

Actions and Resources in Relation to Climate Policy [E1-3]

In January 2024, the Bank implemented taxonomy questionnaires, which are key for assessing compliance with the technical screening criteria of the EU Taxonomy in the area of targeted financing.

Actions aimed at reducing electricity consumption within the Group primarily involve decreasing and optimising the use of occupied space, e.g., through the Flexidesk programme. In addition, lighting systems are being modernised (switching to energy-efficient solutions with automation) along with systems for managing electricity and heat consumption. Thermal modernisation of buildings is also carried out (e.g., improved insulation and replacement of window joinery). Micro photovoltaic installations and heat pumps are being installed. The most significant initiative regarding heat sources is the modernisation of the Bank’s own facilities.

Measures concerning the Bank’s own emissions indicate that, already in 2024, the results for the properties used were below the CRREM pathway for 1.5°C, as a result of energy consumption management. Electricity use accounts for approximately 60% of the Bank’s total emissions. Initiatives such as purchasing Energy Origin Guarantees (EOGs) – initially from cogeneration sources (2020) and subsequently from renewable energy sources (2021–2023) – have reduced electricity-related emissions. According to the Market-Based method, emissions have been reduced by approximately 99% (2024 vs. 2019).

Under its 2025–2027 Strategy, the Bank has committed to supporting sustainable development through initiatives such as:

  • Covering over 50% of the credit portfolio with the Transformation Plan by the end of 2027 (Scope 3);
  • Applying new technologies for predictive analytics and developing tools to determine and monitor CO₂ emissions;
  • Updating environmental risk regulations in credit policies.

Furthermore, the Bank plans to:

  • Reduce its own emissions (Scopes 1 and 2);
  • Decrease the energy intensity of buildings;
  • Support clients in improving energy efficiency (Scope 3).

In June 2024, the Bank introduced a unified classification of sustainable finance (Principles for the Classification of Sustainable Finance in the Bank’s Capital Group). These Principles incorporate requirements from international standards and the regulatory environment.

Objectives Related to Climate Change Mitigation and Adaptation [E1-4]

In line with the assumptions set out in the Bank’s 2025–2027 Strategy and its stated objective of achieving net zero by 2050 for Scopes 1 and 2, a CO₂e reduction trajectory for Scopes 1 and 2 through to 2050 has been developed for the Bank. The planned measures are aimed at eliminating greenhouse gas emissions in Scopes 1 and 2 in accordance with the GHG Protocol methodology.

Decarbonisation targets for the credit portfolio are described in the section on the Transformation Plan. The Capital Group also recognises opportunities arising from the growth of the green bond market [IRO, O6]. As part of the EMTN programme, in September 2024, the Bank issued its first green senior non-preferred bonds.

 

Greenhouse gas emissions

Greenhouse gas (GHG) emissions in tCO₂e for the Bank’s Capital Group

Scope 1 :Scope  2:Scope 3 :
12 571,73 (tCO2e) 

67 029,32 (tCO2e) 

(location based)

166 852,34 (tCO2e) 
26 238,21 (tCO2e) 
(market based)

  • GHG emissions (tCO₂e) by gas type for the Bank’s Capital Group

    Emissions

    Total

    (tCO22e)

    CO2

    (tCO22e)

    CH4

    (tCO22e)

    N2O

    (tCO22e)

    HFCS

    (tCO22e)

    PFCS

    (tCO22e)

    SF6

    (tCO22e)

    Scope 112 571,7311 719,9038,4235,91777,49--
    Scope 2 (L-B)67 029,3267 092,32-  --
    Scope  2 (M-B)26 238,2126 238,21-  --
    Scope 3166 852,34166 846,341,224,78 --

    Scope 3 categories reported for 2024 by the Bank’s Capital Group (own emissions):

    • Category 1 – Purchased goods and services;
    • Category 2 – Capital goods;
    • Category 3 – Fuel- and energy-related activities (not included in Scope 1 or 2);
    • Category 5 – Waste generated in operations;
    • Category 6 – Business travel;
    • Category 7 – Employee commuting (including remote work);
    • Category 11 – Use of sold products;
    • Category 13 – Downstream leased assets;
    • Category 15 – Investments.
    GHG emission intensity2024
    Total GHG emissions (location-based) per net revenue (thousand tonnes per PLN million)0,61
    Total GHG emissions (market-based) per net revenue (thousand tonnes per PLN million)0,61
      
    Net revenue used for the calculation of greenhouse gas emission intensity, in PLN million41 451
    Other net revenue-
    Total net revenue (as presented in the financial statements), PLN million 41,45141 451
     

    In 2024, the GHG emission intensity amounted to 0.61 thousand tonnes per PLN million for both Scope 2 calculation methods (location-based and market-based). The calculation was based on net revenue figures disclosed in the consolidated financial statements of the Bank’s Capital Group in accordance with IFRS.

    The instrument used by the Bank to reduce Scope 2 GHG emissions is the purchase of Energy Origin Guarantees. In 2024, 71 GWh of energy from renewable sources was purchased, representing 36% of the Group’s total energy consumption. As a financial institution, the Capital Group is not directly subject to the EU Emissions Trading System (EU ETS); therefore, the above calculations do not include greenhouse gas emissions covered by regulated emission allowance trading schemes.

  • The calculation of financed emissions under Scope 3, Category 13, covered the exposures of the subsidiary PKO Leasing S.A. (including Prime Car Management S.A.), comprising:

    • leasing of machinery and equipment excluding RES (PCAF class: Business loans and unlisted equity);
    • leasing of RES-related machinery and equipment (PCAF class: Project finance);
    • vehicle leasing (PCAF class: Motor vehicle loans);
    • leasing of commercial real estate (PCAF class: Commercial real estate).

    Financed emissions under Scope 3, Category 13, increased by 29% year-on-year to 3.4 million tCO₂e as at 31 December 2024. The financed emissions intensity ratio (expressed as tCO₂e relative to the gross carrying amount of the exposure covered by the calculation) increased from 150 tCO₂e/PLN million to 181 tCO₂e/PLN million. This was mainly due to a higher emission intensity ratio for vehicle leasing (185 tCO₂e/PLN million as at 31 December 2024 compared with 168 tCO₂e/PLN million as at 31 December 2023) and for machinery and equipment excluding RES (178 tCO₂e/PLN million as at 31 December 2024 compared with 116 tCO₂e/PLN million).

    The calculation of financed emissions under Scope 3, Category 15, covered the Bank’s Capital Group exposures within the following asset classes:

    • corporate loans (PCAF class: Business loans and unlisted equity);
    • listed equity and corporate bonds (PCAF class: Listed equity and corporate bonds);
    • project finance (PCAF class: Project finance);
    • motor vehicle loans (PCAF class: Motor vehicle loans);
    • commercial real estate loans (PCAF class: Commercial real estate);
    • residential mortgage loans (PCAF class: Mortgages);
    • sovereign debt (PCAF class: Sovereign debt).

    The calculations for each asset class were performed in accordance with the global standard for greenhouse gas accounting and reporting for the financial industry, developed by the Partnership for Carbon Accounting Financials (PCAF).

    In calculating financed emissions, the Bank’s Capital Group based its estimates on:

    • reported emissions (information on the emissions of the client or entity financed);
    • emissions estimated based on the client’s or investee company’s physical activity data, including energy consumption, production, and energy performance certificate (actual or estimated) data for financed properties;
    • emissions estimated based on the client’s or investee company’s economic activity data, including revenue figures obtained from clients’ financial statements.

    Financed emissions under Scope 3, Category 15, increased to 20.8 million tCO₂e as at 31 December 2024, from 11.0 million tCO₂e as at 31 December 2023. A significant part of this increase (+6.9 million tCO₂e) was attributable to the inclusion, as of 31 December 2024, of sovereign debt emissions (PCAF class: Sovereign debt) in the Bank’s Capital Group financed emissions calculation for this category. The increase also reflects a change in the method of calculating financed emissions within capital groups, incorporating emissions reported by clients, as well as a higher share of financed emissions calculated using actual emissions data reported by clients. As a result, the financed emissions intensity ratio under Scope 3, Category 15, increased to 66 tCO₂e/PLN million as at 31 December 2024, from 55 tCO₂e/PLN million when excluding sovereign debt emission intensity from the calculation as at that date, and to 59 tCO₂e/PLN million when including sovereign debt emission intensity.

  • In 2024, the total emissions of the Bank’s Capital Group, including both own emissions and portfolio emissions, amounted to 25 284 972 tCO₂e.

    The Bank’s Capital Group does not identify biogenic emissions within its own operations (Scopes 1 and 2). Biogenic emissions are not included in the portfolio calculation, as they are not covered under the PCAF methodology used for the financed emissions calculation.

    The base year for reporting is 2019, except for portfolio emissions (Categories 13B and 15), for which the base year is 2023. Financed emissions are expressed in tCO₂e, as the emission factors in the PCAF database are not disaggregated by individual GHG types.

    The decarbonisation plan for the power generation and residential real estate sectors, together with emission reduction targets and emission intensity indicators, has been presented in the Transformation Plan of the Bank’s Capital Group.

  • The Bank’s Capital Group does not engage in greenhouse gas removal or reduction projects financed through carbon credits, nor does it establish internal carbon prices.

  • In its first year of preparing the report, the Bank’s Capital Group applies the exemption provided for in Appendix C to ESRS 1 and does not disclose information on anticipated financial effects arising from material physical and transition risks and potential climate-related opportunities.

Energy Consumption and Energy Mix [E1-5]

The Bank’s Capital Group monitors its energy consumption and systematically reduces it—by 4% in 2024.

Consumption of purchased electricity generated from renewable energy sources (RES) is verified through the purchase of Guarantees of Origin. Self-generated electricity comes from photovoltaic installations (28 installations operated by the Bank in 2024). A total of 695,942 kWh of electricity was produced, of which 560,469 kWh was used for own needs, with the remainder sold to entities holding a license as defined under the Energy Law. The Bank’s Capital Group did not conduct operational activities in sectors with significant climate impact.

 

Energy Consumption and Energy Mix for the Bank’s Capital Group

ENERGY CONSUMPTION AND ENERGY MIX

Unit2024y/y (%)2023
Total energy consumption from fossil sourcesMWh125 089,34 -6% 133 703,70 
Share of fossil sources in total energy consumption%64%-3% 66%
Energy consumption from nuclear sourcesMWh---
Share of nuclear sources in total energy consumptionzużyciu energii%---
Fuel consumption from renewable sources, including biomass (covering also industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.)MWh---
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sourcesMWh71 000,00 1%70 000,00
Consumption of self-generated renewable energy without the use of fuelMWh560,47 147% 227,00
Total consumption of renewable and low-carbon energyMWh71 560,47 2%70 227,00 
Share of renewable sources in total energy consumption%36%6%34%
Total energy consumptionMWh196 649,81 -4% 203 930,70

    Sectoral Policies

    Policies related to climate change mitigation and adaptation [E1-2]

    The Bank’s Capital Group has two policies through which it manages impacts and opportunities [IRO: I30, I7, O17] in the area of climate change: the High-Emission Policy and the Renewable Energy Policy. It also has a Transformation Plan, which enables it to maintain competitiveness under conditions of significant climate change [IRO: R8].

    • In 2020, by decision of the Bank’s Credit Committee, the “Renewable Energy Sector Financing Policy” was introduced within the Bank’s Capital Group (in February 2022, the catalogue of collateral and repayment sources was expanded). The objective of the policy is to progressively increase the share of renewable energy projects in the financing portfolio. The policy defines preferred directions for the development of the loan portfolio in the renewable energy segment. It focuses in particular on financing photovoltaic and wind farm projects, while also enabling financing of other types of projects.

    • In 2019, by decision of the Bank’s Credit Committee, the “High-Emission Policy of the Bank’s Capital Group” was adopted and implemented (in 2020, the financing criteria were further tightened). The objective of the policy is to gradually transform the structure of the Group’s loan portfolio by further reducing exposure to entities/transactions related to the hard coal and lignite mining segment and to “high-emission energy generation,” i.e., based on coal as an energy carrier. The policy covers, among others, the hard coal and lignite mining industries, coal-related industries (e.g., production of mining machinery, coal trade and derivatives), electricity/heat generation (excluding renewables), and supplementary activities related to the energy sector (transmission, distribution, combined heat and power plants). Amendments to the policy may be introduced by decision of the Bank’s Credit Committee.

    • In 2019, PKO Leasing S.A. introduced the “General Policy on High-Emission Energy Sectors,” the primary objective of which is to gradually change the structure of PKO Leasing’s portfolio (in line with the strategy of the Bank’s Capital Group) by progressively reducing exposure to entities/transactions in the high-emission or so-called “dirty” energy sector. The policy is an adaptation of the policy implemented at the Bank, adjusted to the specifics of PKO Leasing. The decision to approve the policy was adopted by the company’s Management Board through a formal resolution.