New International Distinction for Growthfund in the One Planet Sovereign Wealth Funds network

In the Framework Companion Document 2022 of the One Planet Sovereign Wealth Funds (OPSWF), Growthfund garnered major international recognition for its sustainable development efforts and strategy. The OPSWF Framework Companion Document 2022 sets out the progress achieved by all the Public and Private Investment Funds that are members of the network, presenting in detail the most important actions of all members in a joint effort to align their portfolios with national climate laws and the Paris Agreement. 

The Framework Companion Document identifies as best practices a number of Growthfund actions, including: 

• Alignment with the TCFD (Task Force on Climate-related Financial Disclosures) framework 
• Planned investments of €10 million in the Greek economy and completion of the ESG policy governing future investments 
• ESG actions of its portfolio companies for the three-year period 2022-2024 

Regarding Green Transition, Growthfund’s goal of a 15% reduction in the carbon footprint of all its subsidiaries is noted. 

With regard to strategic planning for Environmental/Social Governance and Sustainability, special reference is made to Growthfund’s launching of three Expectation Documents addressed to its portfolio companies. The first Growthfund Expectation Document concerns Climate Change and clearly sets out Growthfund’s hopes for a sustainable transformation of its businesses and the need to disclose Climate-related information. 

Growthfund CEO Gregory D. Dimitriadis underscored that “the extensive references to Growthfund’s strategy and efforts – and especially those of its portfolio companies – in the One Planet SWF network’s annual Framework Companion Document not only confirm that we are on the right track, but also impel us to continue with determination in the direction of sustainable development.” 

The annual report references the various examples of progress made by the group’s subsidiaries, including, but is not limited to, what is being planned and implemented by HRADF and the Project Preparation Facility (PPF) unit – such as the Forest Protection Plan – and it also makes extensive reference to the efforts of CMFO in Food Waste and the OASA campaign promoting the environmental benefits of public transport. 

Special and detailed reference is made to EYDAP ’s zero-carbon strategy for Greece’s largest water company to meet the EU’s long-term strategy to limit temperature increase to less than 2 degrees Celsius by 2050 and, if possible, to 1.5 degrees. 

EYDAP: Water cycle with zero carbon footprint 

• The report focuses on EYDAP’s use of new technologies to recycle water for irrigation in rural and semi-urban areas, to develop the Hadrian Aqueduct for peri-urban use, and to implement ‘sewer mining’ technology (reuse of liquid wastewater pumped directly from the network).
• It notes the implementation of sustainable water resource management, with parallel development of programmes to deal with water leaks in the distribution system, as well as the use of renewable energy sources (biogas). 
• Finally, it stresses that, in addition to all the above, EYDAP is investing a total of €1.4 billion in Green Transition projects through 2030. EYDAP is already gradually replacing part of its vehicle fleet with electric vehicles, an action that reduced its emissions by 2.5% in 2021 compared to 2020, with total CO2 emissions coming to 211,658 metric tons. 

EYDAP CEO Harry Sachinis stated that “it is a great honour for EYDAP and its people that it is included as a case study in the annual report of the One Planet Sovereign Wealth Funds network. EYDAP is implementing an ambitious sustainability strategy aimed at a zero-carbon footprint. In the context of Growthfund’s sustainability, we are putting into practice a holistic approach to water that focuses on people and the environment. In other words, we are making the green transition ‘blue’. It is very important to EYDAP that it has helped Greece to distinguish itself in yet another field as an example of best practices.”