Íslandsbanki makes it a priority to work in harmony with the environment, and this is reflected in the management and investments of the bank.

Íslandsbanki favours a protective approach when it comes to environmental issues. The bank also supports investments that promote sustainability. The bank's approach to environmental issues reflects the core principles of the UN Global Compact agreement.

Íslandsbanki has stressed the social and environmental benefits of investing in renewable energy sources and sustainable fisheries. In this way the bank plays a pro-active role in the promotion of eco-friendly solutions and technologies that reduce pollution and energy consumption and support sustainable fisheries.

In the day-to-day running of its activities, Íslandsbanki has taken many steps to reduce its environmental impact by integrating environmental strategies into its management. For example, in Íslandsbanki's canteen, items are sorted and disposed of in the appropriate manner. The incorporation of a paper management system in February 2009 meant that the volume of paper used by the bank was cut by 18.5 tonnes in 2009; representing a 66% reduction since the system was introduced. Colour printing was also dramatically decreased with the introduction of the system, contracting from 25% to 5-7%.

The bank places an emphasis on reducing its electricity consumption by, for example, ensuring that lights are turned off in its offices outside office hours. The number of printers has recently been reduced from 650 to 218 machines and this decrease has had a substantial impact on electricity consumption. Electricity consumption was consequently reduced by 61,100 kWh a year. Finally, a modification of the heating mechanism in the bank's parking lot has allowed a decrease in hot water usage by 15,000m³.

Industry focus - Geothermal Energy & Seafood

Geothermal energy is a clean, renewable resource that can be tapped by many countries around the world located in geologically favourable places. Íslandsbanki's sustainable energy team combines years of experience in this field and is focused on providing the global community with sustainable business solutions and research material available for everyone.

The seafood industry has been an important element of Íslandsbanki's business activities since 1904. As the world's oceans are being exploited, responsible management of fishing stocks is becoming increasingly important. Responsible fish farming is essential to aquaculture as it determines the sustainability of the business. Providing financial and expert advice on sustainability within the fishing industry is an important element of Íslandsbanki's business opportunities.

Last updated on November 16 2010