Case study: How SpareBank 1 Østlandet works with its clients and customers to encourage sustainable practices

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Dialogue and collaboration with various stakeholders are crucial for SpareBank 1 Østlandet to meet its goals and sustain its credibility and strong reputation within society. Key stakeholders—such as customers, owners, employees, authorities, investors, and organizations—are concerned with how the Bank addresses social responsibility and contributes to a more sustainable world. Engaging in open dialogue with stakeholders is vital for grounding SpareBank 1 Østlande’s work locally, regionally, and internationally. For further details, please refer to SpareBank 1 Østlandet’s 2023 annual report, Chapter 2: Stakeholders and Stakeholder Engagement, pages 43-44.

How did SpareBank 1 Østlandet work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 PRB Reporting and Self-Assessment Template SpareBank 1 Østlandet reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

SpareBank 1 Østlandet prioritizes business areas and topics identified through its double materiality and impact analysis, focusing on six key sustainability issues. SpareBank 1 Østlandet has actively worked to encourage sustainable practices and enable sustainable economic activities among its clients and customers through various strategic initiatives and programs.

The bank has established comprehensive guidelines for both its Retail and Corporate Divisions to encourage responsible customer relationships. These policies outline the programs and actions implemented (or planned) to support sustainable practices and economic activities. Detailed guidelines are available on the SpareBank 1 Østlandet website.

In the corporate market, SpareBank 1 Østlandet’s primary focus is on resource utilization and greenhouse gas emissions to enhance positive impacts and mitigate negative ones. According to its impact analysis, the greatest emphasis is placed on the real estate (commercial buildings for rent and development) and agricultural sectors. SpareBank 1 Østlandet employs several strategies to promote sustainable changes among customers, including:

• Excluding specific industries and business practices with significant negative impacts.
• Assessing sustainability risks and opportunities when reviewing loan and credit facility applications.
• Offering products or incentives to support green restructuring.
• Requiring proof of energy efficiency improvements and/or greenhouse gas emission reductions.

The Bank does not manage any funds of its own but distributes a variety of mutual funds from recognized portfolio managers. In 2022, SpareBank 1 Østlandet began a new strategy period with ambitious ESG goals for mutual funds, running through 2025. A growing proportion of fund capital is being directed into funds with increasingly strict ESG criteria, which plays a vital role in these efforts.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

References:

This case study is based on published information by SpareBank 1 Østlandet, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.sparebank1.no/content/dam/SB1/bank/ostlandet/omoss/samfunn/ost-PRB-Reporting-and-Self-Assessment-Template-2023.pdf

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