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.

Sustainability timeline

  • 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.

    Read more

    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.
    Read more

    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.
    Read more

  • 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.

    Read more

    Financial literacy for young adults

    New financial literacy program aimed at young adults (16-25 years old) is launched successfully.
    Read more

    Sustainability disclosures

    Íslandsbanki's 2020 Annual and Sustainability Report, Sustainability results and Allocation and impact reports are all published. 
    Read more

  • 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

    TCDF Support

    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.

    PCAF

    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.

    Sustainable Bonds

    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.

    Taskforce

  • September 2020

    Sustainability goals

    Seven sustainability goals approved for the Bank until 2025.

    Knowledge Award

    Íslandsbanki receives knowledge award from President of Iceland for excellence in sustainable development.

    Impact report

    Íslandssjóðir publishes its impact report for its Green Fund

  • July 2020

    Environmental management

    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

    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

    Telework pilot

    Bank launches telework pilot to decrease employee carbon footprint and offers green transport support for employees.

    Green leader

    Employee sustainability workshop organised under the title- Do You Want to be a Green Leader?

  • February 2020

    Sustainability Report

    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

    More on 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

    Bank Strategy

    New Bank strategy formulated with Boston Consulting Group: Sustainability one of 7 strategic priorities

  • 2018

    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.

  • 2015

    Climate declaration

    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.

  • 2013

    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.

  • 2012

    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.

  • 2011

    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.

  • 2010

    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.

  • 1997

    Supporting the Reykjavík Marathon

    Íslandsbanki becomes a proud supporter of the Reykjavík Marathon and has been ever since.

  • 1875

    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.