Environment
Kvika attaches great importance to minimising the negative effects our operations may have on the environment – for instance, by reducing greenhouse gas emissions as much as possible.
We have adopted an Environmental and Transport Policy, which calls upon us to assess the environmental impact of our operations and to seek to mitigate any negative impact. Environmental issues are among the sustainability factors taken into account in decision-making processes. The main points of the Environmental and Transport Policy are summarised below:
The aim of the Environmental and Transport Policy is for Kvika to gain awareness of the environmental impact of the bank’s operations and to seek to mitigate any negative environmental impact its operations may have. It also aims to encourage staff to use environmentally friendly, economical and healthy means of transport. Kvika is keen to contribute to improving the environment and the health of its staff and everybody in Iceland, to set a good example, and to raise awareness of environmentally friendly transport. The Policy lays down, among other things, that Kvika must:
- meet all statutory requirements regarding the environmental effects of its operations, and strive to go further where possible;
- assess, monitor and control the environmental impact of its activities with a view to mitigating any negative effects on the environment;
- minimise waste generation, ensure resources are used properly and wasteful use is reduced, increase recycling and green purchasing, and take any steps possible to reduce Kvika’s carbon footprint;
- encourage staff to use environmentally friendly, economical and healthy means of transport and to use digital communication technology whenever possible in order to reduce the environmental footprint;
- implement mitigation measures and carbon-offset the negative effects of its operations, e.g. in relation to flights and driving;
- encourage dialogue with staff, customers, suppliers and other stakeholders on protecting the environment and taking measures that are favourable for the environment;
- set goals for and publish annual information on environmental performance.
Kvika pursues various ways of reducing the carbon footprint of its operations, including saving energy at its premises, limiting unnecessary printing, and recycling. We encourage staff to use environmentally friendly means of transport and to favour digital conference technology over travelling as much as possible.
In the autumn of 2020, Kvika introduced a new environmental management software solution from Klappir. The software gives us a holistic overview of our emissions and enables us to prepare and publish reliable environmental assessments, as part of targeted efforts to promote sustainability.
In the autumn of 2021, Kvika became an associate of Grænvangur, a cooperation forum bringing together the business community on climate issues and green solutions.
Kvika’s environmental assessment – which is an integral part of its annual ESG report – is based on quantitative data that have been obtained via the environmental management software and ensure traceability, transparency and efficiency in data collection and dissemination. You can find Kvika’s ESG report here.
Since 2019, Kvika has been implementing measures to mitigate the environmental impact of its operations – e.g. the impact of air and car travel and other emissions from the use of hot water and electricity in the bank’s operations – in collaboration with the Icelandic Wetland Fund and the Iceland Carbon Fund.
The main aim of the Icelandic Wetland Fund is to contribute to reducing greenhouse gas emissions by reclaiming wetlands, promoting biodiversity and bird life, and improving water management in fishing rivers, in collaboration with landowners, the State, municipalities, businesses, NGOs and individuals. The Icelandic Wetland Fund relies on research that shows that up to two-thirds of all greenhouse gas emissions in Iceland come from drained wetlands. Also taken into account is all transport and industry other than international flights over Iceland.
The Iceland Carbon Fund aims to increase carbon sequestration in forest ecosystems in order to reduce levels of carbon dioxide in the atmosphere, bind soil and reduce soil erosion, raise public and corporate awareness of greenhouse gas emissions, and promote general awareness-raising on related issues.
Kvika’s cooperation with the Iceland Carbon Fund and the Icelandic Wetland Fund on such mitigation measures is an important part of Kvika’s contribution to the fight against greenhouse gas emissions, undoubtedly one of the most urgent tasks of our time.
