Sustainable Financing Framework
Íslandsbanki is the first Icelandic bank to develop and publish a Sustainable Financing Framework for sustainable loans in its portfolio.
The Bank joins leading international banks in the field of sustainability. The Framework will open up opportunities for the Bank to seek sustainable funding from markets. Sustainalytics, a leading international company in the field of sustainability, has given a positive second on the Framework. The sustainability consulting firm CIRCULAR Solutions provided advice on the development of the Framework.
Íslandsbanki's Sustainable Financing Framework consists of a green category for environmental issues, a blue category for sustainable projects in maritime-related industries and a special category for projects that support social development. The Framework is based on the so-called "Green, Social and Sustainability Bond Principles", which are international standards issued by the International Capital Market Association (ICMA), and consist of the following four pillars:
- Use of proceeds
- Process for project evaluation and selection
- Management of Proceeds
Íslandsbanki’s Sustainability Policy aims at making the Bank a model of exemplary operations in the Icelandic business community and a catalyst for positive social action, moving Iceland forward by empowering its customers to succeed. The Bank aims to be a leader in the area of sustainable development and a catalyst for positive social action. To this end, the Bank intends to initiate broad collaboration on responsible business practices that both contribute to sustainable development in the Icelandic economy and support the Government’s Climate Action Plan, while also supporting the SDGs. Íslandsbanki received in 2020, the Icelandic Knowledge Award from the Association of Business and Economists, awarded to the company that, in the opinion of the jury, has excelled in the field of sustainable development.
Sustainable Financing Framework Second-Party Opinion by Sustainalytics
Sustainable Financing Framework (pdf)
Annual and Sustainability Report 2019