Green covered bonds
These are bonds whose proceeds are used exclusively to fully or partially finance or refinance new and/or existing eligible green projects.
We operate in accordance with The Green Bond Principles.
Green mortgage bonds issued by PKO Bank Hipoteczny meet the criteria set by the International Capital Market Association (ICMA) as The Green Bond Principles (GBP). These principles form a set of guidelines for the use of proceeds from the issue, the project evaluation and selection process, fund management and reporting.
The Green Bond Principles (GBP)
In 2022, PKO Bank Hipoteczny published the rules for issuing green covered bonds in the form of the PKO Bank Hipoteczny SA Green Covered Bond Framework. Compliance with The Green Bond Principles (GBP) was confirmed in the form of an external opinion, known as a second party opinion, by the Sustainalytics agency. These principles apply to a series of covered bonds issued until 27 August 2024.
PKO Bank Hipoteczny SA Green Covered Bond Framework
Second-Party Opinion PKO Bank Hipoteczny SA GreenCovered Bond
On 27 August 2024, in order to standardise the framework for issuing green debt instruments for companies belonging to the PKO Bank Polski S.A. Capital Group, PKO Bank Hipoteczny adopted the Green Bond Framework of the PKO Bank Polski S.A. Capital Group. The Green Bond Framework is a framework document containing the principles of green and sustainable financing in the Bank's Capital Group. It was developed on the basis of the Green Bond Principles (International Capital Market Association's (ICMA)) of 2021. This document defines the objectives of green financing and the types of investments for which funds from green issues may be used, and also indicates the division of tasks related to the subject matter described.
Green Bond Framework (August 2024)
PKO Group Green Bond Framework_Second-Party Opinion
The bank publishes annual reports on the allocation and environmental impact of Green Covered Bonds:
Allocation and Impact Report 2023
Allocation and Impact Report 2022
Allocation and Impact Report 2021
Post-issuance verification by Sustainalytics:
Post issuance verification letter 2023
Post issuance verification letter 2021
Post issuance verification letter 2019
The criteria for assessing the energy efficiency of residential buildings financed by PKO Bank Hipoteczny, taking into account market data and legal regulations in force in Poland, were developed for the Bank by a green building consultant, Drees&Sommer. These criteria have been approved by the independent international organisation Climate Bonds Initiative as a benchmark for the assessment of green residential buildings in Poland.
Green Bond Metodology – PKO Bank Hipoteczny SA
Green Mortgage Bonds issued by PKO Bank Hipoteczny are certified by the Climate Bonds Initiative, which awards certification to bonds that meet the highest standards in terms of positive environmental impact.
Certyfikat Climate Bond Initiative - czerwiec 2022
Certyfikat Climate Bond Initiative - listopad 2019
Certyfikat Climate Bond Initiative - czerwiec 2019
Iniciatives
Energy Efficient Mortgages
PKO Bank Polski and PKO Bank Hipoteczny are the first banks in Poland to join the Energy Efficient Mortgages (EEM) pilot project. The project aims to create standardised, pan-European solutions for mortgages granted to finance flats and houses that incorporate energy-efficient solutions.
One of the objectives of the EEM project is to develop a package of incentives for borrowers to encourage them to purchase energy-efficient properties or to improve the energy efficiency of existing buildings. In the longer term, the activities carried out under the programme may translate into a reduction in risk weights for banks. This is intended to encourage banks to play a key role in stimulating climate change-related activities in the European construction sector. Currently, 70 institutions from various European countries are participating in the initiative.
Energy Efficient Mortgages Label (EEML)
PKO Bank Polski and PKO Bank Hipoteczny joined the EEML in February 2021. It is now a recognised quality brand for consumers, lenders and investors, aimed at identifying energy-efficient mortgages in the portfolios of credit institutions. These loans are intended to finance the purchase, construction and/or renovation of residential and commercial buildings, with a particular focus on the low-energy characteristics of homes.
EEML reporting provides information on energy-efficient mortgage portfolios held by financial institutions. This report ensures comparability both between different market players and in relation to traditional sources of property financing, and provides greater transparency on climate risk.
Documents relating to Green Emissions
EEML Reports 2025
EEML Reports 2024
EEML reports 2023
EEML reports 2022