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.

SpareBank 1 Sørøst-Norge’s engagement with stakeholders throughout the year has identified the key sustainability topics the bank should prioritize.

The stakeholder groups that exert the greatest influence on SpareBank 1 Sørøst-Norge’s sustainability initiatives, while also being significantly impacted by its efforts, include:

• Customers
• Employees
• Owners and investors
• Foundations
• Authorities

The most significant stakeholder interactions concerning the bank’s PRB target areas were:
i) Discussions with relevant Norwegian authorities regarding strategies to increase the proportion of residential and commercial properties with Energy Performance Certificates (EPCs), and
ii) Engagements with local small and medium-sized enterprises (SMEs) focused on growth and sustainability challenges as part of the launch of Konjunktur Sørøst, the bank’s business barometer.

How did SpareBank 1 Sørøst-Norge 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 Sørøst-Norge reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

SpareBank 1 Sørøst-Norge’s primary activity is providing loans to retail and corporate customers. Responsible lending is a fundamental part of the bank’s social mission, and it is crucial that the bank promotes sustainable development among its clients.

As part of the Group’s plan to reach net zero emissions by 2050, with an annual reduction in carbon intensity of 7%, SpareBank 1 Sørøst-Norge is committed to offering loans for renovations in both the retail and corporate sectors. These loans will feature more favourable terms for renovation projects and less attractive terms for energy-inefficient buildings lacking a clear renovation plan. This approach positions SpareBank 1 Sørøst-Norge as trusted advisors to its customers in the transition toward a circular economy. SpareBank 1 Sørøst-Norge’s real estate brokers and advisors working with retail and corporate clients have completed specialized training in sustainability for residential and commercial properties. This training emphasizes how renovation can mitigate negative impacts on the environment by reducing energy consumption and emissions, as well as minimizing waste through renovation instead of demolition.

 

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 Sørøst-Norge, 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/sorost/OmOss/barekraft/Rapportering2023/sorost-PRB-Reporting-and-Self-Assessment-Template 2023.pdf

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