PKO Bank Polski, based in Warsaw, is one of Poland’s oldest universal banks. Established in February 1919 it has expanded over the decades to become Poland’s largest commercial bank by such metrics as assets, equity, loans, deposits, branch network, employees and customer base, serving more than 12 million clients. Its extensive range of banking services includes retail and corporate banking, investment products, payment and transfer services, and digital banking. Additionally, the bank provides specialised financial services, including leasing, factoring, pension funds, insurance and asset management, through its broader capital group.
PKO Bank Polski has prioritised digital transformation, positioning itself as one of Poland’s leading mobile-focused banks with its IKO application. It is investing in technologies such as cloud computing and artificial intelligence (AI) to boost operational efficiency and improve the customer experience.
The bank is committed to expanding its international presence, with branches in Germany, the Czech Republic, Slovakia and Romania, representative offices in Lithuania and Sweden as well as a subsidiary in Ukraine. Additionally, it incorporates sustainability into its corporate strategy, having committed to reducing its exposure to carbon-intensive sectors and increasing green financing.
Ludmiła Falak-Cyniak, vice president of the Management Board, recently updated International Banker on PKO Bank Polski’s latest progress, particularly on sustainability and climate mitigation.
Ludmiła Falak-Cyniak, Executive Board Member, Head of Corporate & Investment Banking, PKO Bank Polski SA
Falak-Cyniak, I appreciate the opportunity to speak with you today….
The Energiatransformacji.pl platform, launched by PKO Bank Polski in the first half of 2025, is designed for Polish businesses that are on their energy-transformation journeys. It accomplishes this partly through the Inspiration Zone. What is the specific purpose of the Inspiration Zone, and how does it support Polish companies in practical terms?
PKO Bank Polski views its role in the energy transition not as a passive market observer, but as a strategic leader supporting the development of the Polish economy and its clients on the path to sustainable growth and climate neutrality. By the end of 2027, we aim to achieve at least a 20-percent share of the country’s total bank financing for the energy transition. We are pursuing this goal, among other initiatives, through the Energiatransformacji.pl platform, which was launched in response to the clearly defined needs of entrepreneurs.
The service provides tools that support clients in this demanding yet necessary process. The platform features unique solutions, including carbon-footprint calculators, a grant search engine and a database of educational resources on sustainable development, ESG (environmental, social and governance) and financing.
The Inspiration Zone is one of the platform’s key elements—a space where we present real-world scenarios rather than theoretical concepts. We have brought together practical case studies from companies across various sectors—including industry, manufacturing and services—that are successfully implementing ESG initiatives and energy-transition projects. At the heart of this space lies a single assumption: Transformation is not a cost, but an investment that creates value through lower energy costs, reduced emissions, competitive advantages and access to preferential financing.
We do not tell clients what they should do. Instead, we show what is already working, what challenges have been encountered and how they have been overcome. As a result, entrepreneurs can shorten decision-making processes, avoid common mistakes and benefit from the experiences of companies that have already gone down this path. The Inspiration Zone also helps build a long-term perspective—because transformation is not a one-off investment, but a strategic change in how a company operates.
What are the key decarbonisation tools offered to Polish businesses through the Energiatransformacji.pl platform? In particular, what is the “grant search engine”, and how can the platform assist companies in tracking and measuring their decarbonisation progress?
After eight months of operation, the platform recorded tens of thousands of views and 83,000 active users, confirming the strong demand for knowledge, tools and partnerships in the transformation process.
The most essential tools supporting businesses are as follows.
First, the grant search engine is one of the platform’s key features. It enables companies to browse national and EU (European Union) grant programmes related to the energy transition and match them to specific projects. This tool reflects our practical approach: We see clients as partners and support them at every stage of the process, which is why we aim to remain their number-one partner in the market.
Second, free carbon-footprint calculators enable companies to calculate emissions across three scopes. This assessment serves as the starting point for effective decarbonisation, while the tool allows businesses to track progress and base their actions on data rather than intuition.
Third, the climate-risk knowledge base supports assessments of climate-related risks to operational activities.
And fourth, funding pathways indicate which banking instruments and grant options can support specific transformation projects.
Importantly, we also support companies with ESG reporting, which, for many entrepreneurs, is a new, demanding and highly regulated area. On the platform, we publish regulatory requirements, best practices and guidance to help organisations prepare for non-financial reporting.
If I’m not mistaken, the Energiatransformacji.pl platform also provides access to educational materials. Which of these is the most popular with clients?
Technology can accelerate processes—but without education, it does not translate into effective decisions and investments. That is why in the Knowledge section we provide educational and informational materials—including guides, regulatory analyses, infographics and webinars.
The most popular materials include ESG guides for small and medium-sized enterprises (SMEs) (developed based on the Voluntary Sustainability Reporting Standard [VSME standard]), which help companies organise data, prepare for reporting and build credibility; materials on legal regulations—clients want to clearly understand which regulations apply to them and how to turn compliance into a business advantage; and finally, transformation stories, because nothing teaches as effectively as the experiences of others.
These materials ensure that entrepreneurs do not begin their ESG journeys from a position of uncertainty, but rather with a clear roadmap grounded in knowledge and market practice.
How does the bank ensure a consistent and precise linkage between pricing and ESG outcomes? Are pricing models in this context typically complex?
Linking the pricing of financial products to ESG performance is a cornerstone of our transformation strategy. We are introducing sustainability-linked loans, whereby preferential pricing is tied to the achievement of specific ESG indicators, including decarbonisation targets.
For example, credit margins may be reduced when a client achieves specific decarbonisation targets or reports measurable progress in CO₂ emissions. The ProEnergy Loan rewards working-capital financing with a reduced credit margin in exchange for improvements in the energy efficiency of operational processes, such as production. By meeting ambitious energy-savings targets within agreed timeframes, clients can benefit from a lower loan margin.
While these models are complex on the bank’s side, they must remain transparent and predictable for clients. We define clear objectives, measurable indicators and a structured reporting schedule. Incentive and/or corrective mechanisms are applied based on data, audits and transparent rules.
As a result, clients have complete visibility into the potential financial benefits of achieving ESG goals. At the same time, the bank gains assurance that the financing delivers a genuine environmental impact rather than merely a declarative one.
PKO Bank Polski, Headquarters in Warsaw, Poland
The bank has committed to significantly increasing the share of renewable-energy sources in new financing. Which specific renewable-energy sources are most commonly used to achieve this goal? The bank aims to achieve a 59-percent share of renewables in new financing for new capacity by 2030. At the beginning of 2026, is the bank on track to achieve this target?
Yes, we are on a good path. We primarily finance photovoltaic (PV) installations and wind farms, which are the most mature technologies in the Polish energy mix. From a strategic perspective, offshore wind energy is vital to us, as it opens up new opportunities for hundreds of companies across the Polish supply chain.
Offshore wind-farm projects are emerging for us. We co-finance first-phase investment projects as part of consortia funding the construction of offshore wind farms. Examples of Polish companies involved in the supply chain include shipyards that build vessels for offshore service operations and steel manufacturers.
As a bank, we support entities across the entire supply chain. We finance their development initiatives and are preparing to provide project financing for specific construction orders related to supporting infrastructure. Our analyses indicate that more than 100 Polish companies already have the capabilities to participate in offshore projects.
We have declared our readiness to commit up to PLN 30 billion to the second phase of offshore projects—from financing the wind farms themselves to accompanying investments. These are infrastructure investments of strategic economic importance because they enhance the competitiveness and resilience of the Polish economy.
What is the role of sustainability-linked loans in achieving the decarbonisation goals of two priority sectors within PKO Bank Polski’s credit-portfolio structure—housing (mortgage loans for households) and energy generation and distribution—in terms of climate impact and exposure volume?
Sustainability-linked loans are a key instrument for delivering our transformation objectives. In the mortgage segment, we plan to reduce the portfolio’s emissions intensity by 31 percent by 2030, partly by promoting green mortgages and financing energy-efficient properties. In practical terms, this means increasing the share of mortgage loans offered on preferential terms for low-emission properties—for example, through green mortgages and reduced margins for buildings with high energy efficiency.
In the energy sector, we finance new renewable-energy capacity, energy-efficiency projects and industrial and logistics investments. We have developed dedicated decarbonisation pathways and are expanding our product offering to support clients at every stage of the transformation. This approach translates into tangible climate impact as we assist companies that are actively building their clean-energy capacity.
What are the Biznesmax and Ekomax guarantees offered by BGK (Bank Gospodarstwa Krajowego), and how do they support PKO Bank Polski in achieving its sustainable-development goals?
BGK’s guarantees are vital instruments for us in supporting company transformations and lowering investment entry barriers.
The Ekomax Guarantee is an instrument securing investment loans granted under the FENG (Fundusze Europejskie dla Nowoczesnej Gospodarki, or European Funds for a Modern Economy) programme. It enables a subsidy to repay part of the loan principal. As a result, companies can implement pro-environmental projects with lower risk and reduced capital costs.
The Biznesmax Plus Guarantee covers both investment and working-capital loans, including current-account facilities. It can secure up to 80 percent of the loan amount, and clients may also benefit from an interest-rate subsidy.
Thanks to these guarantees, companies gain easier access to financing for transformation and are more willing to invest in energy efficiency. For the bank, this is a way to expand the reach of sustainable finance and reduce the credit risks associated with transformation projects.
What is the most important or effective way in which PKO Bank Polski currently supports its clients in implementing their green-transformation plans? And what transformation goals does the bank plan to achieve in the coming years?
The most significant value we offer our clients is an end-to-end partnership—from inspiration and education, through grants and financing, to monitoring and optimising the subsequent stages of the transformation.
Our plans are ambitious, but we believe they will translate into tangible benefits for the economy and the Polish people. While our official transformation roadmap extends to 2030, we aim to achieve at least a 20-percent share of the country’s total bank financing for the energy transition by the end of 2027. We are taking a multifaceted approach—investing in skills, tools and teams—so that our clients see us as a mature, responsible and effective partner in the transformation.
Our support for clients is multifaceted and perhaps best illustrated by the Energiatransformacji.pl platform. Through it, we provide knowledge and inspiration, carbon-footprint calculators and grant-related support.
In addition, we offer a wide range of ESG-related financial services. Our team dedicated to corporate clients can provide further details. Our ambition is to be a partner at every stage of the transformation, from the initial idea through implementation to ongoing monitoring.
Furthermore, we are building engineering teams that support companies in analysing the efficiency of renewable-energy projects, optimising costs and managing risks. We operate on multiple fronts to ensure that our clients have a trusted partner at every step of their transformations.
PKO Bank Polski is definitely making a valuable contribution to Poland’s energy transformation. Once again, thank you for sharing with us today.