Bank Of Iceland Sustainability Profile
Bank of Iceland, officially known as Íslandsbanki, is a prominent financial institution headquartered in Reykjavík, IS. Established in 2008, it has rapidly evolved to become a key player in the Icelandic banking sector, offering a wide range of services across retail and corporate banking. With a strong focus on innovation, Íslandsbanki provides unique products such as digital banking solutions and sustainable financing options, catering to the diverse needs of its customers. The bank has achieved notable milestones, including recognition for its commitment to sustainability and customer service excellence. Operating primarily in Iceland, Íslandsbanki has solidified its market position through strategic initiatives and a customer-centric approach, making it a trusted choice for individuals and businesses alike.
DitchCarbon Score
How does Bank Of Iceland'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
Bank Of Iceland's score of 62 is higher than 78% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Bank Of Iceland's reported carbon emissions
In 2024, the Bank of Iceland reported total carbon emissions of approximately 1,873,400 kg CO2e. This figure includes Scope 1 emissions of about 4,100 kg CO2e, primarily from mobile combustion, and Scope 2 emissions of approximately 916,000 kg CO2e, largely from purchased electricity. The majority of emissions stem from Scope 3, which totalled around 950,300 kg CO2e, with significant contributions from business travel (about 243,800 kg CO2e) and employee commuting (approximately 254,500 kg CO2e). Comparatively, in 2023, the bank's total emissions were about 1,397,100 kg CO2e, indicating an increase in emissions year-on-year. The breakdown for 2023 shows Scope 1 emissions at approximately 19,200 kg CO2e, Scope 2 at around 70,700 kg CO2e, and Scope 3 at about 1,307,200 kg CO2e. The Bank of Iceland is committed to achieving net-zero emissions by 2050, as part of its long-term climate strategy. This commitment is aligned with the Science Based Targets initiative (SBTi), which the bank has engaged with since 2021. The bank's targets encompass all scopes of emissions, reflecting a comprehensive approach to reducing its carbon footprint. Overall, the Bank of Iceland's emissions data and climate commitments highlight its ongoing efforts to address climate change and transition towards a more sustainable operational model.
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| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|
| Scope 1 | 502,000 | 000,000 | 000,000 | 000,000 | 000,000 | 00,000 |
| Scope 2 | 339,000 | 00,000 | 000,000 | 0,000,000 | 000,000 | 00,000 |
| Scope 3 | 94,000 | 00,000 | 00,000 | 00,000 | 000,000 | 00,000 |
How Carbon Intensive is Bank Of Iceland's Industry?
How Carbon Intensive is Bank Of Iceland's Location?
Bank Of Iceland'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.
Bank Of Iceland 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 Bank Of Iceland's sustainability data and climate commitments