Dr. Benno Kammann
Head of ESG & Business Development
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What Sustainability Means to HCOB
For HCOB, sustainability means future viability. The Bank acknowledges that aligning its business model and processes to sustainability requirements is one of the critical success factors for the future - considering both the opportunities and the risks related to environmental, social and governance factors (ESG). Guiding Principles serve as orientation for HCOB’s sustainable business conduct and as decision guidance for Bank members to contribute to sustainable transformation.
A holistic overview of HCOB’s sustainability efforts can be found in the current CSR Report .
HCOB continuously strengthens its sustainability work further. Under guidance of the Sustainability Committee with its overarching role, the ESG Teams in the Bank remain the core steering element, a central function of the ESG governance structure. During the reporting year, further steps were taken to continue to drive the integration of sustainability throughout the Bank, and to help align all business activities with HCOB’s Guiding Principles. Furthermore, the ESG Teams have taken the lead regarding the identification, operationalisation and fulfilment of relevant sustainability reporting criteria, of regulations and reporting frameworks in preparation for mandatory regulatory requirements.
The progress HCOB has made on its sustainability journey is reflected, among other things, by the ESG Self Assessment of the European Central Bank, which HCOB completed again with positive results, and in the ESG rating positions which successively improved since 2020. Beyond that the Bank identified market potential related to ESG accompanied by an increased employee awareness as a result of ESG-specific trainings .
HCOB Guiding Principles 1
1 Taking on responsibility
As a leading banking partner, we take on responsibility to carry out sustainable business activities, as a lasting investment in a sustainable future and a world that needs to be preserved.
2 ESG is part of the HCOB DNA
Sustainable action is a formative component of our HCOB DNA. This clearly reflects our business orientation and our management of risks. In the stringent and independent governance of ESG aspects, the members of our Management Board take active responsibility. We are characterised by our culture of effective, responsible and transparent management.
3 Financing sustainable activities
We aim to extend our financing activities in sustainable business activities and projects and offer ESG-oriented products. We intend to have a more sustainable loan portfolio and to contribute to the achievement of the Paris Climate Agreement and the UN Sustainable Development Goals.
4 Supporting sustainable transformation
We actively support the transformation of our clients’ business models towards greater sustainability.
5 Committed to climate protection
As a signatory of the United Nations Principles for Responsible Banking (PRB), we set a clear commitment to climate protection and sustainable action. We aim to implement sustainability aspects in all of the Bank’s business areas and therefore commit to reduce the Bank’s impact on climate change in all business operations and strengthen internal company awareness for ecological sustainability and resource protection.
6 Employees are key
We regard motivated and qualified employees as key to achieving sustainability. Flexible working arrangements that allow employees to strike a balance between their career and family commitments are important to us. Discrimination or harassment of employees in any form is unacceptable to us. We believe that diversity is beneficial to our success.
7 Innovating sustainably
We combine sustainability in our operating business with technology, digitalisation and innovation.
1 The guiding principles serve as orientation for HCOB’s sustainable business conduct.
Sustainability Frameworks
Regarding its sustainability-related impacts and their management, several overarching external frameworks and guidelines serve as orientation for Hamburg Commercial Bank. First and foremost, the Bank is in the process of aligning its activities with the 2015 Paris Climate Agreement, aiming to contribute to global efforts to limit global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre Industrial levels, recognising that this would significantly reduce the risks and impacts of climate change. With the ambitious goals of the Paris Climate Agreement in mind, the EU adopted a significant financial framework, the Green Deal, at the beginning of 2020. One aim is to support climate protection hand in hand with the financial sector. HCOB is aware of its responsibility in this respect and has implemented several structural changes in its credit processes and the support it provides to its clients.
Stakeholder Management
One of the core elements of HCOB’s comprehensive sustainability work is regular and active stakeholder involvement. With a broad stakeholder analysis, the Bank identified its clients, creditors, owners and employees, as well as supervisory authorities and the public, rating agencies and media representatives, as its main stakeholder groups. The Bank maintains an active and continuous dialogue with its stakeholders and responds to different interest groups with various stakeholder-specific dialogue formats. The results of the dialogue are incorporated into the sustainability work and the further development of the Bank’s sustainability strategy.