Initial allocation from the Fund will focus especially on projects related to switching to renewable energy. The Sustainability Fund will award a total of ISK 10 million in grants each year.
The Fund is linked to two of the UN's Sustainable Development Goals that we at Landsbankinn are working systematically towards: No. 13, on climate action and no. 9, on industry, innovation and infrastructure.
Lilja Björk Einarsdóttir, CEO of Landsbankinn:
“We want to contribute to the development of solutions that expedite the switch from fossil fuels to power sources with a smaller carbon footprint. The Sustainability Fund is aimed at students and startups, as well as others. Climate change is the main challenge of our times and we support good ideas and projects that positively affect our environment. There are so many opportunities for innovation in this field. We are continuously developing, be it in sustainable finance, green products or varied support for society. The Sustainability Fund compliments our strategy of being Landsbankinn, an ever-smarter bank. We all need to act together to achieve Iceland’s climate goals.”
The Sustainability Fund is an addition to the annual scholarships and community grants allocated from Landsbankinn’s Community Fund. A total of ISK 31 million will be awarded annually from the Community Fund and the Sustainability Fund to projects that have a positive impact on the environment and society. In addition, the Bank supports various other projects throughout Iceland, including humanitarian organisations, art and culture, education and sports, and youth activities.
Initial allocation from the Sustainability Fund is scheduled to take place in spring. We will advertise for applications around the beginning of March.Photo: Aðalheiður Snæbjarnardóttir, sustainability specialist, Lilja Björk Einarsdóttir, CEO of Landsbankinn, and Sara Pálsdóttir, Managing Director of Community at Landsbankinn.