A catalyst since 1875
Íslandsbanki has a long history stretching back to 1875. In its earliest years, the Bank participated in the development of the fishing industry, acting as a springboard for the Icelandic economy. Íslandsbanki has historically been a force for good in society and sustainability has been one of the Bank's main priorities since 2014. Strategy formulation work carried out in 2019, put sustainability into even sharper focus. To us, focusing on sustainability is not merely an act of altruism; it is also an opportunity to distinguish ourselves, an important element in risk management, and a boon to long-term profitability. In 2020, significant progress was made towards integrating sustainability into the Bank's overall activities – an effort that has been widely praised and has received deserved attention. Íslandsbanki received the 2020 Icelandic Knowledge Award for outstanding performance in the area of sustainable development.
- April 2021
Carbon footprint in Íslandsbanki‘s app
Íslandsbanki launches Meniga's ‘Carbon Insight’ service, enabling Íslandsbanki’s mobile banking app users to track their carbon footprint.
Íslandsbanki awarded 2021 Kuðungur prize
Íslandsbanki was awarded the Kuðungur (the Conch), the Ministry for the Environment and Natural Resources’ environmental prize, for its outstanding work on environmental affairs in the past year.
Commitment to reaching net zero emissions by 2040
Íslandsbanki is committed to reach net zero emissions by 2040, supporting Iceland’s ambitious Climate Action Plan. Furthermore, Íslandsbanki is a founding member of the Net Zero Banking Alliance - an international alliance of 43 banks aiming for carbon neutrality no later than 2050.
- March 2021
Business innovation hub SKÓP opens with support from the Íslandsbanki Entrepreneurship Fund
Ramping up Reykjavik
Íslandsbanki supports the initiative „Ramping up Reykjavik“ aimed at improving wheelchair access in Reykjavik.
- February 2021
Member of Green Building Council Iceland
Íslandsbanki is the first Icelandic financial institution to become a member of Green Building Council Iceland, a cooperative forum promoting sustainable building and development.
Financial literacy for young adults
New financial literacy program aimed at young adults (16-25 years old) is launched successfully.
Íslandsbanki's 2020 Annual and Sustainability Report, Sustainability results and Allocation and impact reports are all published.
- January 2021
Cooperation with UN Women in Iceland
Through co-operation agreements, Íslandsbanki becomes UN Women's main partner in Iceland in the field of banking services, in addition to being a special sponsor of UN Women light bearers. Read more (in Icelandic).
Íslandsbanki's Canteen receives the Swan certification
Íslandsbanki's employees take an active part in improving and changing work processes for the better. Read more (in Icelandic)
Íslandsbanki offers green mortgages
Eco-friendly property buyers are offered a green mortgage with no borrowing fee and a discount on interest rates at Íslandsbanki. More on green mortgages.
- December 2020
First green corporate loan
Íslandsbanki and Reginn sign a loan agreement that falls within the green financial framework of both parties. See article
Íslandsbanki becomes the first Icelandic sponsor of the Task Force on Climate-related Financial Disclosures (TCFD). The Bank's risk report (Pillar 3) for the year 2020 will, for the first time, contain a special chapter on sustainability and climate risk that complies with international TCFD standards.
- November 2020
Íslandsbanki and Storebrand
Norwegian asset management firm Storebrand Asset Management partners with Íslandsbanki to offer three green investment funds in Iceland. Read article.
Íslandsbanki becomes a member of PCAF - an international collaborative project of financial companies on the development and use of a climate meter for the bank's loan and asset portfolio. Read article.
Íslandsbanki issues the first sustainable bond of an Icelandic bank. Read article.
- October 2020
Sustainable Finance Framework
Íslandsbankii publishes its Sustainable Finance Framework, the first of its kind in Iceland. Sustainalytics and Circular Solutions act as advisors.
Joined CFO Taskforce for the SDGs
- September 2020
Seven sustainability goals approved for the Bank until 2025.
Íslandsbanki receives knowledge award from President of Iceland for excellence in sustainable development.
Íslandssjóðir publishes its impact report for its Green Fund
- July 2020
Introduction of the Environmental Management System from Klappir.
Nordic CEOs commitments
Nordic CEOs commitments approved and disclosed for climate, diversity and inclusion.
- June 2020
Additional grants distributed from the Bank‘s Entrepreneurial Fund which focuses on supporting the UN SDGs in the amount of ISK 30million.
Supplier Code of Conduct
Executive board approves a new Supplier Code of Conduct, followed by meetings with the 10 largest suppliers.
Green car loans
Bank announces green car loans for customers.
- May 2020
Bank launches telework pilot to decrease employee carbon footprint and offers green transport support for employees.
Employee sustainability workshop organised under the title- Do You Want to be a Green Leader?
- February 2020
Release of the Bank's first sustainability report based on ESG, GRI and UN SDGs criteria and including the Bank’s carbon footprint with Circular Solutions acting as advisor.
- January 2020
ESG risk assessment
ESG risk assessment carried out for 24 important loanees of the Bank in cooperation with Circular Solutions.
- December 2019
New Sustainability Policy
New Sustainability Policy approved by Board of Directors
- October-December 2019
Active sustainability engagement
Active sustainability engagement with employees with presentations on UN SDGs, recycling, and cooperation with bestselling sustainability author Andri Snær Magnason.
- September 2019
Working group for sustainability
Working group for sustainability established and led by CEO.
Principles for Responsible Banking
Íslandsbanki becomes a Founding Signatory of the UN Principles for Responsible Banking
- April 2019
Strategic summit with employees
Strategic summit with employees focuses on the 4 SDGs which the Bank has selected to focus on: Quality education, gender equality, industry, innovation and infrastructure and climate action.
- March 2019
New Bank strategy formulated with Boston Consulting Group: Sustainability one of 7 strategic priorities
Corporate responsibility integrated into the Annual Report
Decision taken to include information on corporate social responsibility in the Annual Report. A separate CSR report had previously been published but positive social impact is increasingly becoming an integral part of the Bank's daily operations.
Íslandsbanki joins the fight against climate change by signing the Festa and City of Reykjavík climate declaration and committing to reducing greenhouse gas emissions.
New corporate social responsibility policy
Íslandsbanki's new Corporate Social Responsibility policy was introduced and the Bank’s 2014 Corporate Social Responsibility Report was the first to use the Global Reporting Initiative (GRI) criteria. The report reviewed the Bank's nine ambitious objectives on corporate social responsibility, which included responsible lending, responsible investment, responsible procurement, transport, equality, education, grants, customer safety and worthy causes.
Corporate social responsibility policy one of three key policy issues
The Bank becomes more focused on corporate social responsibility issues by mapping the Bank's society based projects. Corporate social responsibility subsequently becomes one of the Bank's three key policy issues and a new policy is developed.
Helping hand initiative takes off
Employees offered the chance to use one working day per year to support a good cause as part of the Helping Hand initiative.
Establishment of the Festa Centre for sustainability
Íslandsbanki one of the 6 founders of the Festa Centre for sustainability, established to support and increase knowledge on CSR and help businesses to adopt socially responsible practices.
UN Global Compact
Íslandsbanki becomes a participant in the UN Global Compact and publishes its first Communication on Progress - sustainability report and policy that same year.
Supporting the Reykjavík Marathon
Íslandsbanki becomes a proud supporter of the Reykjavík Marathon and has been ever since.
A driving force in the Icelandic economy since 1875
Íslandsbanki has a long history stretching back to 1875. In its earliest years, the Bank participated in the development of the fishing industry, acting as a springboard for the Icelandic economy. Íslandsbanki has, since the very beginning, been a force for good in society.