Car­bon emis­sions from credit port­fo­lio con­trac­ted by 8%

Alongside the Bank’s annual financial statements, we are now publishing sustainability accounts for 2023, disclosing detailed information about sustainability and Landsbankinn’s operation. The accounts are verified in part or whole by auditing firm Deloitte.
1 February 2024

The publications include a GRI Standards Index and Appendix in accordance with the Global Reporting Initiative (GRI) Standards for 2023 and calculation of the Bank’s financed emissions in accordance with the Partnership for Carbon Accounting Financials (PCAF) methodology. The publications are available on the Bank's website.

Landsbankinn is the largest commercial bank in Iceland, with a credit portfolio that incorporates loans to individuals and businesses in all parts of the country and in all sectors. We have focused on understanding the impact of the Bank on ESG factors and knowing where emissions from the Bank’s activities appear. Iceland is a signatory to the Paris Agreement and domestic authorities have set the goal of achieving carbon neutrality by 2040. This is obviously a great task in which all Icelandic companies must participate.

Landsbankinn is working on adopting science-based targets on emission reductions to be approved by the Science Based Targets initiative (SBTi). The reference year for science-based targets is 2019 as emission figures for 2020 and 2021 are rather lower than the Bank’s emission figures for 2019. The pandemic caused a contraction in economic activity which resulted in a reduction in financed emissions in 2020 and 2021. Because of this, it is especially interesting to review financed emissions for 2022 when compared with the reference year 2019, as economic activity has now regained similar levels. Emissions from the Bank’s credit portfolio contracted by 8% in 2022 when compared with the reference year 2019 - emissions were 247 ktCO2e in 2022.

Sustainalytics’ ESG risk rating of Landsbankinn in 2023 considered the Bank at negligible risk of experiencing material financial impacts from ESG factors. The Bank was rated 8.5 and is among the top 1% of European banks assessed by Sustainalytics. Landsbankinn also received an excellent score in Reitun’s newest ESG risk rating, or 90 out of 100 in class A3.

Sustainability at Landsbankinn

Sustainalytics’ ESG risk rating

Reitun’s ESG risk rating

Financial results of Landsbankinn for 2023

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