In order to uphold responsible and sustainable business practices, which respect the environment, human rights, and contribute to the fight against corruption, money laundering and the financing of terrorism, ODL supports:
- United Nations Sustainable Development Goals, especially goal 9, 14 and 15;
- Multilateral environmental standard and agreements, including the Paris Agreement, as well as the European Green Deal
- The OECD Guidelines for Multinational Enterprises
- World Bank Safeguard policies and IFC performance standards
- The Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFRD)
- The Directive 2013/34/EU of the European Parliament on the disclosure of non-financial and diversity information by certain large undertakings and groups
- The Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (Taxonomy)
- The Guidelines regarding the disclosure of sustainability reports by the businesses (CSRD)
- The environmental and social goals and commitments of the Luxemburgish Government
In addition to the OECD Recommendation of the Council on Common Approaches for Officially Supported Export Credits and environmental and social due diligence, the Revised Recommendation of the Council on Bribery and Officially Supported Export Credits and the Recommendation on Sustainable Lending Practices and Officially Supported Export Credits, ODL has adopted a more wider ESG procedure, applicable to all insurance and financial support applicants, as well as insurance requests taking into consideration governance, environmental and social criteria, and sustainable financing.
Furthermore, ODL supports the goals outlined in the Council Conclusions on export credits approved on 15 March 2022. In line with the conclusions, ODL will not provide support for the fossil fuel energy sector, aside from in limited circumstances.
The fossil fuel energy sector activities affected by this policy are:
- exploration, production, transportation, storage, refining and distribution of crude oil, natural gas and coal;
- unabated power generation.
The policy covers all ODL’s products and services, including support for domestic transactions and export transactions.
This policy will however not affect ODL support for:
- transactions or sectors relating to fossil fuels outside the energy sector, including but not limited to heavy industry with need for high temperature (e.g. cement and steel production) or the transport sector;
- transactions that have indirect or limited links to the fossil fuel energy sector (e.g. dredging of a multifunctional port that is also used for the transport of fossil fuels, but not as its main activity, meaning that the other sectors can also benefit from increasing the depth of the port in question).
The National Institute for Sustainable Development and Corporate Social Responsibility (INDR) promotes CSR and offers full support to companies. As a centre of expertise, it undertakes a normative role, distributes knowledge on CSR and collaborates with the main players in sustainable development. Link : https://indr.lu/fr.