“We welcome the European Green Deal. Given that the scale of investments needed is beyond the public sector alone, the financial sector has key role to play in reaching its ambitious goals”, said Teodora Petkova, CEO and Chairman of the Management Board of UniCredit Bulbank in her opening remarks during today’s The Economist Conference “EU RECOVERY AND RESILIENCE FUNDFOR BULGARIA’S TRANSITION: Innovation – Green Agenda – Digital transformation”.  She joined a reputable line up of speakers from the European Commission, European Investment Bank, The Economist Intelligence Unit, business leaders and high Bulgarian government officials.

Mrs. Petkova explained that the way the financial sector can participate is through reorienting investments towards more sustainable technologies and businesses, financing growth in a sustainable manner over the long term and contributing to a creation to a low carbon climate resilient and circular economy. “We have the ccommitment, responsibility and courage to accommodate more and more green transactions in our loan portfolio”, she added.  As of end 2019 the UniCredit Bulbank has more that 30% share in financing renewable energy and 20% market share in the installed capacity.

“We must collectively urgently take concrete actions across the three pillars of ESG – environment, social and governance. As the bank, who works with every second corporate entity in Bulgaria, we are committed to walk the talk of transition towards sustainable business models with our clients, offering a wide range of ESG products and services.”

“Our observations show internationally and locally that the appetite and market opportunity for ESG are growing. And this is further driven by regulation and the changing behaviour of investors.  UniCredit is already incorporating ESG factors into its governance, risk appetite frameworks and strategy, in line with the ECB expectations, which were finalized end 2020.”

The CEO of the largest Bulgarian bank noted that ESG is already part of the regulatory framework. “We understand the sense of urgency by the ECB that banks recognize climate and environmental risks and start to incorporate them at every stage of banking activity looking for the most appropriate timing and way of implementation.”, she commented.

She concluded that UniCredit Bulbank has a growing ambition to be Number 1 in making Ethical and Sustainable business on the Bulgarian market and firmly believed that banks are part of the solution.

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Additional media information:

Victoria Blajeva, tel +359 (0) 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Beatris Nikolova, tel +359 (0) 2 9232 528, cfbusjt/ojlpmpwbAvojdsfejuhspvq/ch

Ekaterina Ancheva, tel +359 894 518 193 , flbufsjob/bodifwbAvojdsfejuhspvq/ch