12. October 2021
Kvika has issued a Green Financing Framework which frames the bank’s policy on green financing and lending. The Green Financing Framework describes, among other things, the bank’s sustainability policy, Kvika’s sustainability governance, and how funds are to be allocated to finance or re-finance green projects, including environmentally friendly lending.
Financing under the Framework may include the issuance of green financing instruments, such as (but not limited to) green bonds and deposits. Kvika recently issued green deposit accounts under the terms of the Framework for children under the age of 18 years old, which are called Green Future Accounts. The Green Financing Framework clearly and transparently describes the conditions that must be met for lending to be considered environmentally friendly. Such lending can include energy transformation towards sustainability in transport and clean transport, green certified buildings, and renewable energy.
“The most important task of our time is sustainability. The future is of great importance to us all, as we, and our descendants, will be there all our lives. It is important for financial institutions, like others, to contribute to the fight against climate change. It is therefore extremely gratifying to now be able to present Kvika’s Green Financing Framework, which enables the bank to increase its efforts in green financing and lending, and by such means support sustainability and contribute to the fight against climate change,” says Marinó Örn Tryggvason, CEO of Kvika banki hf.
Kvika’s Green Financing Framework is based on ICMA’s latest version of the Green Bond Principles. The Framework has received a positive second party opinion from Sustainalytics, a Morningstar Company, which is a leading ESG research, ratings and data firm. The opinion states, among other things, that Kvika’s Green Financing Framework is credible, impactful, and aligns with the core components of the Green Bond Principles.
Further information about sustainability at Kvika, including reports and a summary of the bank's policies, is available here: https://www.kvika.is/en/investor-relations/green-financing-framework.