Arion Bank

Arion Bank's reported carbon emissions

Arion Bank, headquartered in Iceland and operating in financial intermediation services, is committed to reducing its environmental impact. For the reporting year 2024, the bank reported total greenhouse gas emissions of approximately 15.5 million kg CO2e. This figure encompasses Scope 1 emissions, which amounted to approximately 1.03 million kg CO2e, and Scope 2 emissions from purchased electricity totalling about 163,580 kg CO2e. The majority of the reported emissions, approximately 14.3 million kg CO2e, fall under Scope 3. In previous years, Arion Bank's emissions have shown fluctuations. In 2021, total emissions were approximately 566,100 kg CO2e, with Scope 1 at about 30,400 kg CO2e, Scope 2 at approximately 82,600 kg CO2e, and Scope 3 at about 251,560 kg CO2e. In 2020, total emissions were around 526,130 kg CO2e (Scope 1: 37,500 kg CO2e; Scope 2: 100,500 kg CO2e; Scope 3: 350,630 kg CO2e). For 2019, total emissions were approximately 536,800 kg CO2e (Scope 1: 65,000 kg CO2e; Scope 2: 91,300 kg CO2e; Scope 3: 320,550 kg CO2e). In 2018, total emissions stood at approximately 549,070 kg CO2e (Scope 1: 78,300 kg CO2e; Scope 2: 92,400 kg CO2e; Scope 3: 303,870 kg CO2e). In 2015, total emissions were approximately 452,850 kg CO2e (Scope 1: 86,300 kg CO2e; Scope 2: 94,700 kg CO2e; Scope 3: 271,850 kg CO2e). Arion Bank has set ambitious climate targets. The bank aims to achieve an 80% reduction in greenhouse gas emissions from its own activities (Scopes 1 and 2) by 2030, compared to 2015 levels, with remaining emissions to be carbon offset. Furthermore, Arion Bank is working towards making Iceland carbon neutral by 2040. The bank also aims for a reduction in financed emissions in sectors with the most significant impact (Scope 3), aligning with a net-zero target by 2040. Arion Bank's initiatives demonstrate a commitment to sustainability within the financial sector.