Arion Bank Sustainability Profile
Arion Bank, a prominent financial institution based in Iceland, has established itself as a key player in the banking sector since its founding in 2008. Headquartered in Reykjavík, the bank operates primarily within the Icelandic market, offering a comprehensive range of services including retail banking, corporate banking, and investment services. With a commitment to innovation, Arion Bank provides unique financial solutions tailored to meet the diverse needs of its customers. The bank has achieved significant milestones, including the successful launch of digital banking services that enhance customer experience. Recognised for its strong market position, Arion Bank continues to uphold its reputation for reliability and customer-centric service in the competitive landscape of Icelandic finance.
DitchCarbon Score
How does Arion Bank's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Arion Bank's score of 31 is higher than 50% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Arion Bank's reported carbon emissions
In 2024, Arion Bank, headquartered in Iceland, reported total carbon emissions of approximately 675,300 kg CO2e. This includes 30,500 kg CO2e from Scope 1 emissions, 23,700 kg CO2e from Scope 2 (market-based), and a significant 1,305,800 kg CO2e from Scope 3 emissions. In 2023, the bank's total emissions were about 660,900 kg CO2e, with Scope 1 at 31,600 kg CO2e, Scope 2 (market-based) at 25,900 kg CO2e, and Scope 3 at 603,500 kg CO2e. Arion Bank has set ambitious climate commitments, aiming for an 80% reduction in emissions from its own activities (Scopes 1 and 2) by 2030, compared to 2015 levels. The bank plans to offset any remaining emissions. This target reflects a strong commitment to sustainability and aligns with industry standards for climate action. Additionally, Arion Bank is committed to achieving net-zero emissions across all scopes by 2050, as part of its long-term climate strategy. The bank's initiatives are supported by its participation in the Science Based Targets initiative (SBTi), reinforcing its dedication to transparent and accountable climate action.
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| 2015 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| Scope 1 | 86,300 | 00,000 | 00,000 | 00,000 | 00,000 | 000,000,000 |
| Scope 2 | 94,700 | 00,000 | 00,000 | 000,000 | 00,000 | 000,000,000 |
| Scope 3 | 271,850 | 000,000 | 000,000 | 000,000 | 000,000 | - |
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Arion Bank's Scope 3 Categories Breakdown
Arion Bank's Scope 3 emissions, which decreased by 28% last year and decreased by approximately 7% since 2015, demonstrating supply chain emissions tracking. Most of their carbon footprint comes from suppliers and value chain emissions, with Scope 3 emissions accounting for 69% of total emissions under the GHG Protocol, with "Employee Commuting" being the largest emissions source at 75% of Scope 3 emissions.
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Arion Bank's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Arion Bank has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
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Frequently Asked Questions
Common questions about Arion Bank's sustainability data and climate commitments