CSR strategy 2019 2025 - Updated in 2020 - De Nederlandsche Bank
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CSR strategy 2019 - 2025 Updated in 2020
Strategy Themes Priorities
Sustainable prosperity
Corporate social responsibility (CSR) is an integral part of our mission. We address the two themes through our Development Goals (SDGs) of the
As a central bank, supervisor and resolution authority, we are committed to core tasks as a central bank, supervisor United Nations. Through these 17 global
safeguarding financial stability and contributing to sustainable prosperity in and resolution authority. For example, goals, organisations, businesses and
the Netherlands. For the years 2019-2025 we have developed a CSR strategy in 2019 we adjusted our supervisory governments commit to substantially
that matches our mission and mandate. This strategy focuses on two themes: methodology to include climate risks, improve the state of the world by 2030.
signed the Principles for Responsible We specifically focus on contributing
▪ Sustainable economic growth that has no harmful effects on the Investment and made a transition to the realisation of the following four
environment to 100% use of organic cotton in our SDGs:
▪ An inclusive financial and economic system banknote production. The two themes ▪ 8. Decent work and economic growth
are closely interconnected. Sustainable ▪ 12. Responsible consumption and
As an independent organisation with the founding members of and currently prosperity, after all, depends on production
a long-term horizon, we are well- chair the international Central Banks sustainable economic growth that has ▪ 13. Climate action
positioned to promote CSR initiatives. and Supervisors Network for Greening no harmful effects on the environment ▪ 17. Partnerships for the goals
To this end, we use our ability to bring the Financial System (NGFS). In 2020 (theme 1) and on an inclusive financial
parties together. In 2016, we established we are planning to bring several and economic system (theme 2). We have defined six priorities to direct
the Dutch Sustainable Finance Platform. parties together to develop objective and shape our efforts on the two
We were also one of sustainability statistics. Both themes contribute to the themes. We explain these in more detail
achievement of the Sustainable in this strategy.
2Strategy Themes Priorities
Sustainable economic growth that has no harmful effects on the environment
Almost 200 countries agreed in the Paris Climate Agreement to keep the To promote economic growth that has 3. We invest our reserves in a
increase in the global average temperature well below 2°C. Both global no harmful effects on the environment, sustainable manner.
warming and the transition to a climate-neutral economy are sources of we have defined four priorities. 4. We reduce our environmental impact.
prudential risks, and as such affect our mission and core tasks. 1. We identify climate and
environmental risks for the financial Through these four priorities we
Since the financial crisis we have put transition, carbon pricing and a sector and we encourage financial contribute to SDGs 8, 12, 13 and 17.
more emphasis on forward-looking climate-neutral economy. We are also institutions to manage these risks
supervision with a stronger focus integrating sustainability aspects in appropriately.
on sustainability. As an independent our own reserve management and the 2. We put sustainability issues, such as
economic advisor, we also participate payment system. the transition to a climate-neutral
in the public debate on the energy economy, on the agenda.
3Strategy Themes Priorities
An inclusive financial system
Sustainable prosperity calls for an inclusive financial system, in which financial services are readily accessible and the represent countries that are emerging in
continuity of critical financial functions is safeguarded. We contribute to this theme through our advisory role as a financial and economic terms in our IMF
central bank, supervisor and resolution authority. constituency.
Through our role as an independent Through our supervisory, resolution and focus on keeping payment systems To promote an inclusive financial and
economic advisor, we promote an payment tasks, we strongly support accessible to vulnerable groups with economic system, we have defined two
inclusive economic system. For example, an accessible financial system. Our limited financial or digital knowledge, priorities:
we examine the drivers of prosperity, supervision aims to ensure that financial and on financial inclusion in countries 5. We conduct research and advise
including the distribution of income institutions are reliable and can meet with less developed financial sectors. on the inclusiveness of economic
and wealth and access to the financial their commitments. If institutions For example, we chair the National systems.
system and social security. We also nevertheless encounter problems, Forum on the Payment System to 6. We promote the accessibility of
advocate the equal treatment of present we ensure that they are resolved in promote the social efficiency of retail payment systems.
and future generations in the pension a controlled and careful manner to payments, provide financial education
system. make sure that customers retain access to a broad public, render technical Through these two priorities we
to critical functions. In addition, we assistance to young central banks, and contribute to SDGs 8 and 17.
4Sustainable prosperity Strategy Themes Priorities
Managing
climate- Promoting
related and accessibility
Advising on of the payment
environmental
energy transition system
risks
Integrating
sustainability Reducing
into our reserve our environmental
management impact Assessing the
inclusiveness of
economic systems
ial
Eco Soc cts
lo p e
asp gical as
ect
s
51. Climate and 2. Energy 3. Sustainable reserve 4. Sustainable 5. Research on inclusive 6. Accessibility of
Strategy Themes Priorities
environmental risks transition management operations economic system payments system
Climate and environmental risks
Priority 1 We identify climate and environmental risks for the financial sector
and encourage financial institutions to manage these risks appropriately
Why we do this changes in a timely manner. The goal is and we will continue this process in legislation and regulation. For example,
Climate change and the energy for them to understand how climate and 2020. In concrete terms, this means that in 2020 we will put climate risks on the
transition pose a potential risk to the environmental risks affect their short- we address climate risks in supervisory agenda in meetings with institutions
financial sector. By determining the and long-term solidity and, where meetings, on-site inspections, and in the payment and securities chains
prudential impact of these risks and appropriate, to take measures to control the mandatory periodic own risk and we will publish a climate risk
urging the financial sector to improve these risks. We also provide insight assessments of institutions. In 2020 1
analysis for the real estate sector. We
its prudential controls, we contribute into the impact of ecological changes we will also explore how to integrate will also refine the climate stress test
to sustainable financial stability. As a on financial institutions and financial climate-related risk management methodology to better understand the
supervisor, we consider it important stability. We will share this knowledge into market access requirements and impact of a disruptive energy transition
that financial institutions integrate through various channels, including the fit and proper assessments. We will on the financial sector. This new
sustainability into their core processes Dutch Sustainable Finance Platform and also investigate the extent to which methodology could serve as a basis for
and that they are transparent about this the international NGFS. Furthermore, behaviour and culture at financial an international approach to climate
to society. In addition, it is expected that we are international frontrunners in institutions affect sustainable finance stress testing. Lastly, we will work
engagement of financial institutions on integrating climate-related risks into decisions. Another priority is to broaden together with the European Central
this topic can help build public trust in relevant supervisory rules. the approach used for climate risks to Bank (ECB) to map the carbon emissions
the financial sector as a whole. other sustainability risks, such as the risk from financial market infrastructures
What we plan to do in 2020 – of decreasing biodiversity. Furthermore, and explore the possibilities for reducing
What we want to achieve – long term short term we aim to increase awareness of them.
We embed climate and environmental In 2019, we largely integrated climate climate-related risks in the financial
risks in our supervision and expect risks into our supervisory methodology sector and urge for the integration of
financial institutions to anticipate for banks, insurers and pension funds these risks into international financial
1 This concerns the internal capital adequacy assessment process (ICAAP) for banks, the own risk and solvency assessment (ORSA) for insurers and the own risk assessment
(ORA) for pension funds.
61. Climate and 2. Energy 3. Sustainable reserve 4. Sustainable 5. Research on inclusive 6. Accessibility of
Strategy Themes Priorities
environmental risks transition management operations economic system payments system
Energy transition
Priority 2 We put sustainability issues on the agenda
Why we do this What we want to achieve – long term What we plan to do in 2020 – IMF, we will draft a statistical paper
DNB sees climate change and the We want to play an active role in the short term on the measurability of sustainable
energy transition as two of the biggest climate debate. Our emphasis is on the In 2020, we will continue to closely finance, which will form the basis for the
economic challenges. Energy and the economic effects of climate change and monitor the commitments in the further development of internationally
economy are inextricably linked. After the energy transition, and on the role of Dutch Climate Agreement and, where comparable official statistics on
all, almost all economic activity requires the financial sector. We want to conduct appropriate, advise the government sustainability in the financial sector.
energy. The Paris Climate Agreement innovative and agenda-setting research on related topics. This is particularly Finally, we will proactively contribute
and resulting climate policy will have and publish the results to inform the the case for economic measures, such to discussions on the role of climate
an impact on the economy. Economic public debate with substantiated facts. as the possible merits of introducing considerations in the evaluation and
growth that causes large-scale In this context, we identify the main a carbon tax. We will also encourage possible review of the ECB’s monetary
ecological damage is not sustainable. economic risks and opportunities to the government to strengthen climate policy strategy.
It is therefore imperative to take into assist the formulation of effective policy if the agreed climate targets
account the effects of economic growth climate policies without unnecessary are at risk of not being achieved. At
on environmental and climate change (economic) costs. We also play an active EU level, we will closely look at the
and vice versa. As a central bank, we role in the development of international commitments as part of the new Green
have a role to play in putting such statistics to measure the sustainability Deal. We will also further explore the
challenges on the agenda. of the financial sector in order to role of sustainable financial products
facilitate internationally comparable in the transition to a climate-neutral
analyses. economy. Finally, together with the
71. Climate and 2. Energy 3. Sustainable reserve 4. Sustainable 5. Research on inclusive 6. Accessibility of
Strategy Themes Priorities
environmental risks transition management operations economic system payments system
Sustainable reserve management
Priority 3 We invest our reserves in a sustainable manner
Why we do this this purpose, we participate in national managed externally, we take steps to
We aim to invest our assets in a What we want to achieve – long term and international working groups on further bring the equity portfolio in line
responsible manner (RI). As an investor, By signing the PRI on 20 March 2019, the topic. For example, we share our with our RI policy on exclusions, norm-
we promote making the economy DNB committed itself to integrating knowledge with other central banks based screening, voting & engagement
more sustainable and reducing the six responsible investment principles. through the NGFS and we contribute to and ESG integration. We have already
environmental, social and governance For example, we increasingly integrate the publications of this network. completed this process for the externally
(ESG) risks of our reserves. In shaping environmental and social aspects into managed bond portfolios. We will also
our RI policy, we seek to act in line with our investment practices and report What we plan to do in 2020 – start implementing our new climate
internationally accepted principles, on our progress in this area. We also short term strategy. In the short term, this means
standards and codes such as the want to have a good understanding of This year we will further integrate that we will map the carbon footprint
Principles for Responsible Investment how climate and other ESG risks affect responsible investment principles in of our own portfolios and carry out a
(PRI) and the UN Global Compact. By our portfolios, and of the role that our our investment policy. For internally climate stress test.2 We will also build
integrating RI into our investment investments can play in the transition to managed investments, we are up a target allocation of at least EUR
portfolios we aim to set the right a climate-neutral economy. In addition, developing a framework to structurally 400 million towards green bonds over a
example and prompt more institutions we want to maintain a pioneering role integrate ESG criteria into the period of two years.
to invest in a sustainable manner. in the Eurosystem in relation to RI. For investment process. For the investments
2 An energy transition risk stress test for the financial system of the Netherlands, De Nederlandsche Bank, 2018.
81. Climate and 2. Energy 3. Sustainable reserve 4. Sustainable 5. Research on inclusive 6. Accessibility of
Strategy Themes Priorities
environmental risks transition management operations economic system payments system
Sustainable operations
Priority 4 We reduce our environmental impact
Why we do this set of sustainability standards.3 It is travel appropriately and restrained. the implementation of our agreements
We want to practice what we preach expected that both the cash centre and For international travel within a range on labour participation. We are also
by turning words (external promotion the renovated head office will be ready of 500 km, we generally use public revising our procurement policy with
of sustainability issues) into action in 2023. transport. We discourage the use of the aim of integrating circularity,
(integrating sustainability into our cars for commuting and DNB-facilitated sustainability and, if possible, social
operations). Sustainability is therefore Sustainability is also an important commuter traffic will be emission-free. return into each procurement. One
factored into our decision-making on criterion in our procurement policy. The of the tenders we will hold in 2020 is
issues such as housing, procurement, aim is to reduce the use of raw materials What we plan to do in 2020 – for our lease cars. In view of our long-
ICT and our travel policy. as far as possible. In this context, we short term term goal of emission-free commuting,
are signatory to the Green Deal Circular In 2020, the refurbishment of our head sustainability will be an important
What we want to achieve – long term Procurement. We will also pursue social office will start and our staff will move criterion in these tenders. In 2020 we
In the coming years, we will have a zero return with our procurement policy. to temporary accommodation. The will review and adjust, where necessary,
net energy cash centre built in Zeist and That is why we contractually lay down renovation will be done in a sustainable the implementation of our travel policy.
our head office in Amsterdam will be that part of the contract value is spent manner, with certification objectively Finally, in mid-2020, the transition to
refurbished. In 2019, a high sustainability on jobs for people with a distance to the measuring that both the refurbishment new energy-efficient ICT data centres
ambition was set for the renovated labour market. and the renovated building meet our will start. Together with our ICT
office. For example, the energy label will sustainability ambition. The temporary sourcing partners we will report on the
improve from G to A+++. The building Finally, we want to be a climate-neutral accommodation has energy label C and energy consumption of our various ICT
will not be using any gas and is expected organisation by only using green energy for its refurbishment we use existing environments.
to reduce carbon emissions by more for our electricity supply and offsetting furniture as much as possible. We will
than 80%. In addition, it will meet a our carbon emissions. Our employees also discuss with four major suppliers
3 We aim for the building to be awarded the BREEAM Outstanding (* * * * *) and WELL Platinum label.
91. Climate and 2. Energy 3. Sustainable reserve 4. Sustainable 5. Research on inclusive 6. Accessibility of
Strategy Themes Priorities
environmental risks transition management operations economic system payments system
Research on inclusive economic system
Priority 5 We conduct research and advice on the inclusiveness of economic systems
Why we do this What we want to achieve – long term What we plan to do in 2020 – sized enterprises (SMEs). We also pay
We strive for sustainable prosperity and As an independent party, our primary short term attention to accessibility in our housing
an inclusive economic system. Prosperity role is to provide research and advice. We will carry out in-depth analyses market and payment analyses, including
is not just about material aspects. It We aim to provide insight into of the labour and housing markets first-time home buyers and people with
also includes other – non-financial – the trade-off between the various and the lending and payment systems limited financial knowledge. Finally,
aspects. Inclusiveness entails that the aspects of prosperity. Our focus on in 2020. The analyses will focus on we will continue to fulfil our advisory
financial and social security systems are sustainability and the long-term viability possibilities for enhancing accessibility role in the context of our involvement
and remain accessible to everyone. The of, for example, the pension system and inclusiveness of these markets. The in the further elaboration of the
development and efficient deployment implies that we take into account results of these analyses are the basis Pension Accord to ensure the future
of human capital is crucial to achieving the prosperity of both present and for our policy advice. Our labour market sustainability of the pension system.
a labour market that values and uses future generations in our advice and research will focus on a more balanced
every talent. By conducting research and research. It is also important that groups structure for and financing of permanent
advising on these non-financial aspects are not systematically excluded or and flexible work arrangements. In our
of prosperity, we contribute to an disadvantaged in terms of, for instance, lending analysis, we will focus on the
inclusive financial and economic system. access to the labour market, the housing proper functioning and accessibility of
market and social services. the credit market for small and medium-
101. Climate and 2. Energy 3. Sustainable reserve 4. Sustainable 5. Research on inclusive 6. Accessibility of
Strategy Themes Priorities
environmental risks transition management operations economic system payments system
Accessibility of payments system
Priority 6 We promote the accessibility of payment systems
Why we do this What we want to achieve – long term and the reliability and safety of cash are of cash, it is important for our society
DNB has the task to promote the Everyone should have access to guaranteed. that cash continues to function well.
smooth operation of payment systems. payment systems. This calls for clear In 2020 the NFPS will also focus on the
Given the speed at which payment and understandable information. The What we plan to do in 2020 – question whether cash can continue
methods are changing, there is a risk importance of financial education is short term to play its role as a means of payment
that certain vulnerable groups are left increasing due to the far-reaching Through the National Forum on the at points of sale. Finally, we offer clear
behind or excluded. Financial education digitalisation of payment systems Payment System (NFPS), chaired by and understandable financial education,
and inclusion are essential to ensure and the trend that financial decision DNB, we examine the accessibility of the including through our own visitor centre
broad access to payment systems. making is increasingly left to consumers retail payment system for consumers and participation in initiatives such
themselves. We are working to preserve and SMEs, in order to identify vulnerable as the Money Week and Money Wise
a fully functioning cash chain, in which groups and bottlenecks in payment Platform.
cash remains generally accepted, deposit systems. The NFPS is of the opinion
and withdrawal points remain available that even in a context of declining use
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