New analysis estimates Jyske Bank's indirect CO2e emission
Jyske Bank has estimated the indirect CO2e emission relating to the majority of the Jyske Bank Group’s business volume of about DKK 600 bn distributed on loans and investments.
Climate has been identified as an important impact area for Jyske Bank, and for Denmark, in relation to the Sustainable Development Goals.
Therefore Jyske Bank has updated and extended its preliminary impact analysis (published in February 2020), which focused on greenhouse gasses, by adding estimated CO2e data for the majority of the Group’s business volume.
An important prerequisite enabling us to estimate the indirect CO2e emission is the common CO2 model prepared by Finance Denmark (FIDA) in cooperation with Jyske Bank, among others. This model was published by FIDA on 28 October 2020.
“It is a very interesting and challenging process beginning to quantify the effect of Jyske Bank's business activities on sustainability in society in a variety of impact areas. In Denmark, the common CO2 model offers us an especially good basis, within climate, to estimate the emission of greenhouse gasses”, says Trine Lysholt Nørgaard, Head of IR and Sustainability.
Important knowledge in respect of future activities
The estimated CO2e figures for Jyske Bank’s business volume of about DKK 600 bn totals 2.7 million tonnes, of which 59% relate to lending activities and 41% to investments.
The estimates of the analysis are the first steps in the process over the coming years to quantify the Jyske Bank Group’s most important impact areas relative to the Sustainable Development Goals. The estimates will, of course, change as the data quality in the area improves over the coming years. Despite the uncertainty at this time as regards data quality, etc., it is assessed that the conclusions of the just completed impact analysis are robust.
“The analysis reflects Jyske Bank's current position, and - going forward - the way in which we perform impact analysis will evolve. Quantification adds new knowledge and enables us to target our initiatives to the most important impact areas, for instance in respect of product development. Currently, through the Group's Green Finance Framework, we have identified a number of sustainable green loan areas that increase a positive impact on Climate, and in connection with the analysis we have identified Waste as the next impact area that will be relevant for us to analyse further,”says Trine Lysholt Nørgaard.
Jyske Bank also offers products such as energy loans and equity funds for professional investors, focusing on a sustainable development. These products will support our clients’ wishes for sustainable solutions and enable them to make sustainable choices.
The impact analysis was performed as part of Jyske Bank's implementation of the UN Principles for Responsible Banking (PRB) and contributes at the same time to the fulfilment of the recommendations of the Forum for Sustainable Finance relating to the need that the financial sector endeavours to reduce the CO 2e emission in society.
- Read more about Jyske Bank's approach to sustainability
Trine Lysholt Nørgaard, Director, IR & Sustainability, tel.+45 89 89 64 29
Ole Sørensen, Senior Director, Capital Markets, tel. +45 23 31 74 22