GR
News
July 9, 2024

Growthfund is leading the transition towards a sustainable economy

With a focus on growth that has a positive impact on society, the environment, and governance, the Growthfund and its subsidiaries implement ESG strategies, which they integrate into their operational activities, achieving tangible and measurable results.

Growthfund plays a dual role, acting as an Active Shareholder in its portfolio companies and as a Responsible Investor in the Greek economy. Notably, in 2024, Greece, thanks to Growthfund ‘s performance in better managing state funds concerning the environment, society, and resilience, climbed to the 12th position (up by 16 places compared to 2022) in the Global Sovereign Wealth Funds Scoreboard, among 200 Public and Pension Funds.

 

As an Active Shareholder, Growthfund requires its subsidiaries to implement specialized ESG action plans and ESG KPIs, including activities such as annual Carbon Footprint Measurements for Scope 1 & 2, roadmaps for carbon footprint reduction, Customer/Citizen Satisfaction Surveys, as well as Employee Engagement and Satisfaction Surveys. Additionally, for the first time, Growthfund consulted with potential investors in the Kalamata Airport concession to include ESG terms in the tender.

By the Group’s initiative, for the first time, all subsidiary companies published sustainability reports, an innovation for public sector companies, as previously only their financial reports were published. Furthermore, over 70 Board members and 250 executives in the group have already been trained on sustainability issues (Growthfund Sustainability Academy), aiming to lead the green transition and implement ESG actions.

The framework for monitoring and implementing the 130 ESG KPIs includes:

  • Establishing an ESG Team for each subsidiary and appointing a Board member responsible for ESG issues by the subsidiaries’ Boards.
  • Creating an ESG Data Set to systematize the recording of ESG data.
  • Developing an ESG Policy and Handbook for the Subsidiaries (with technical assistance from the European Bank for Reconstruction and Development – EBRD).
  • Expectation Documents: Growthfund’s guidelines to its subsidiaries regarding their response to critical issues such as climate change and social inclusion are communicated transparently to their management.
  • Implementing ESG Pilot Projects aimed at improving the quality of life for citizens (Monastiraki station and Vorras Ski Center).

In the Sustainability Reports, the strong performance of the subsidiaries in key sustainability and ESG themes is highlighted as follows:

Environment

  • OASA Group: Target to reduce carbon footprint by -3% for 2024.
  • GAIAOSE: Recycling program for old train cars -123 vehicles-, renewable energy generation – 4,284,000 MJ from two photovoltaic parks.
  • ELTA: -19.19% reduction in electricity consumption.
  • TIF HELEXPO: Six zero-waste exhibitions.
  • OKAA: -14.80% in Energy Intensity Index (2022 vs 2021).
  • HRADF: Participation in the under-establishment Green Tech Port energy community.
  • AEDIK: Participation in the TRIĒRĒS program with the implementation of a hydrogen pilot project.
  • Hellenic Saltworks: Production process using only sun and wind; biodiversity measurements in three saltworks.
  • KATH: 75% recovery of organic and recyclable waste generated on-site.

Society

  • OASA Group: Pilot accessibility project at Monastiraki Station; interventions aimed at improving service for people with disabilities (PWDs) and +12.8% increase in public transport usage by PWDs (PWD Index 2023 compared to 2022).
  • KATH: Over 1,000 tons of fruits and vegetables distributed to vulnerable groups through the Social Plate initiative.
  • ELTA: 11,000 items made by beneficiaries of “Shedia” using old stamps.
  • AEDIK: Mobile app and online ticketing for customers; creation of an accessible digital museum showcasing the history of the Canal.
  • OKAA: Healthy Habits – an educational program for school students, participation in the Social Dining initiative, and organization of eight volunteer blood donation drives.
  • ETAD: Provision of online ticketing and accessibility improvements at Parnassos Ski Center.
  • GAIAOSE: Upgrading of the railway station in Pyrgos.
  • OASA: Creation of a chatbot to better serve passengers.
  • 5G PHAISTOS Investments: Seven investments in start-ups.

Governance

  • KATH, ELTA: ISO certifications for hygiene and safety.
  • OASA, ELTA, ETAD: Enhanced accessibility and field inspections by PWD groups.
  • GAIAOSE: ISO certifications for energy management and environmental management.
  • Hellenic Saltworks, ELTA, OKAA: ISO certifications for environmental management.
  • Hellenic Saltworks, AEDIK: Rebranding planning.
  • GAIAOSE: Framework for green procurement.
  • TIF HELEXPO: ISO certification for sustainable event management.
  • HRADF: Social impact study on the forest protection project by the Strategic Projects Planning Unit (PPF).
  • ETAD, OASA, OSY, STASY: Website accessibility audits.

In the same context, Growthfund’s participation in international networks such as the One Planet Sovereign Wealth Funds Network and the EMENA Network demonstrates that sustainability is at the core of its business model and that it remains committed to international collaborations for promoting sustainable development.

Click HERE to view the full ESG Strategy presentation.