Arion Bank

Arion Bank's Carbon Emissions & Climate Commitments

Arion Bank, a financial intermediation services provider based in Iceland, reported total carbon emissions of approximately 15.46 million kg CO2e in 2024. This figure includes Scope 1 emissions of about 1.03 million kg CO2e, Scope 2 emissions (from purchased electricity) of approximately 163,580 kg CO2e, and Scope 3 emissions of around 14.27 million kg CO2e.

Looking back, the bank's total Scope 1 and 2 emissions were approximately 113,000 kg CO2e in 2021, 138,000 kg CO2e in 2020, 156,300 kg CO2e in 2019, 170,700 kg CO2e in 2018, and 181,000 kg CO2e in 2015.

Arion Bank has committed to several climate goals:

• Net-Zero Target: The bank aims to achieve net-zero emissions by 2040, encompassing its Scope 3 emissions, as part of the broader goal of making Iceland carbon neutral by 2040.
• Scope 1 & 2 Reduction: Arion Bank targets an 80% reduction in Scope 1 and 2 emissions from its own activities by 2030, compared to a 2015 baseline. Any remaining emissions will be carbon offset.
• SBTi Commitments: Arion Bank has a near-term commitment and a net-zero commitment with the Science Based Targets initiative (SBTi) as a Financial Institution.