KBC Group, a Belgian financial services company, has committed to achieving net-zero emissions and has set stringent decarbonization targets for the sectors that cover the majority of its lending portfolio and related GHG emissions. The company has also set clear targets for KBC Asset Management's Responsible Investing funds. KBC Group's current focus is on gradually implementing policies and actions to put these commitments into practice. In 2022, the company reported Scope 1 emissions at 21,596 tCO2e and Scope 2 emissions for market based at 3,482 tCO2e. Scope 3 emissions (category 6 — business travel) were reported at 18,803 tCO2e. Total CO2 e emissions from its own operations (direct footprint scope) reduced 70% since 2015. KBC Group's latest filings mentioned the keywords 'Emissions' and 'Carbon' most number of times in relation to 'Net Zero'.

KBC Group's largest environmental impact is indirect, and the company has taken steps to offset its emissions that cannot be eliminated or reduced since 2021. The company has also invested in high-quality climate projects with a clear link to its sustainability strategy. KBC Group has disclosed its efforts on the management of climate-related risks and opportunities across the four pillars of the TCFD recommendations, including governance, strategy, risk management, and metrics and targets.

KBC Group has gradually expanded the focus of its program to other environmental themes beyond climate change mitigation and adaptation. The company uses its core operations as tools to stimulate the most sustainable activities of its clients and support them in their sustainability transition. KBC Group is gradually restricting the most harmful activities, steadily aligning offered solutions with EU sustainability legislation, and acknowledging the importance of active stakeholder collaboration. The company has strict sustainability policies in place for its portfolios, and it promotes responsible investing as its first offer and preferred investment solutions.

In conclusion, KBC Group reached net-climate neutrality with respect to its direct footprint scope for the second consecutive year. The company closely examines and follows up on the initiatives and approach of different climate change initiatives, but it prefers to first diligently execute the commitments already undertaken. KBC Group has also completed the biannual materiality assessment to identify material topics and define the content of the report, which includes relevant disclosure topics and associates metrics under the SASB Commercial Banks industry standard.

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