TBC Bank Group PLC, Georgia’s largest bank, has successfully met and exceeded its GEL 1 billion (US$380 million) target for sustainable financing, as the bank’s sustainable portfolio expanded by 57% year on year, according to its 2023 sustainability report.
London-listed TBC Bank Group, operating via physical and digital channels in Georgia and via a branchless model in Uzbekistan, achieved a sustainable portfolio of GEL 1.2 billion in 2023 and will continue to focus on expanding this further over the course of 2024, the report released earlier this week noted.
“Our commitment to sustainability comes from our role in creating opportunities for transitioning to a sustainable, technology and innovation-driven economy in Georgia. We aim to increase the resilience of households, businesses, and society towards future challenges, and to provide young generations with the means to pursue their goals in a safe and prosperous environment,’’ said Vakhtang Butskhrikidze, CEO of TBC Bank. “With the international expansion of our operations, sustainable development approaches have also been incorporated into our subsidiaries. Our role is connected to our responsibility to contribute to a better future through innovation and technology to increase the accessibility of financial services and to enable our customers to be part of the globalized economic society.’’
In terms of its own direct environmental impact, the banking group is targeting achieving net zero by 2025 and has committed to reducing direct carbon emissions by implementing solar energy solutions in all major branches by the end of 2024.
TBC has already installed two solar power plants last year with the generated energy used by TBC branches and facilities in Georgia. In Uzbekistan, the second largest economy and the largest country by population in Central Asia, TBC installed 19 solar panels at its head office in Tashkent in 2023. TBC also plans to install 36 electric charger stations at its offices and other premises in 2024.
In addition to the environmental efforts, TBC Bank is dedicated to employee development, community support and education. The bank allocated GEL 2 million for social and charitable projects and raised GEL 800,000 for the Shovi landslide-affected population. It has also launched several educational initiatives, including Tech-School for schoolchildren and the TBC x USAID Technological Education program.
TBC Bank has the MSCI ESG rating of ‘AA’, the second highest in the scale, and is the recipient of EBRD’s Annual Sustainability Silver Award for environmental and social best practice in 2023.
The banking group’s ESG strategy reaffirms its ambition to be the leading supporter of ESG principles in Georgia and the wider region. Please see the full 2023 Sustainability Report for additional details.
