Central and Eastern Europe country category winners 2023: Best bank for ESG in Armenia: Ardshinbank
Ardshinbank is Armenia’s best bank for environmental, social and governance after demonstrating a commitment to sustainability with its carbon footprint-minimization strategies and green financing work.
The banks in each market that have excelled across a range of core banking activities over the past 12 months.
It has prioritised cutting the carbon footprint in its own operations. This has involved a project to install solar panels on the rooftops of its branch network, which are expected to be deployed in 20 out of the 64 branches across the country.
The bank has also participated in a project carried out by the environmental organization My Forest Armenia near the village of Jrashen, contributing to the planting of 160,000 trees on a 50-hectare area that will create a new forest in the western part of the country.
One of the first banks in Armenia to finance the construction of solar power plants, the bank has invested $26 million in such projects in 2022. The bank notably financed Armenia’s largest solar power plant, which is expected to provide 200 megawatt hours of energy in the province of Aragatsotn.