Sustainability is at the core of Kvika’s business model, and we always take the ESG factors into consideration in our decision-making processes. Sustainability is considered in product development and innovation, and when we communicate with our partners and customers. We attach great importance to diversity among our staff and their well-being, training, and participation in community projects.
Kvika works with the ESG factors in its operations through the following four focus areas within individual units of the bank and subsidiaries:
- Product development and innovation: We consider ESG is in all product development, and we focus on innovations that help reduce greenhouse gas emissions and simplify and strengthen the infrastructure of financial services.
- Sustainable business environment: As a financial company, we can have a positive impact on our business environment by making increased demands and/or using incentives to focus on ESG factors with customers and partners, such as through lending, investments and in the selection of suppliers.
- Internal and external communication: We communicate information about ESG and sustainability and educate customers and employees through external and internal communications, such as courses, discussion in the media and marketing activities.
- Employees and society: We promote diversity, increased well-being and job satisfaction of employees, and we support employee participation in community projects.
Supporting all of the seventeen UNDG is important for the progress of sustainable development. Kvika has chosen six of the UNDG to emphasize in its operations and the bank has linked the goals to its areas of emphasis according to the sustainability strategy. The six goals are the following: goal 3 on good health and wellbeing; goal 4 on quality education; goal 5 on gender equality; goal 9 on industry innovation and infrastructure; goal 13 on climate action; and goal 17 on partnership for the goals.
Environment: We work to reduce greenhouse gas emissions from our own operations and look for ways to tackle climate change in the value chain through supplier selection as well as in investments and lending. Kvika's total greenhouse gas emissions, Scope 1, 2 and 3, in 2023 amounted to 535 tonnes CO2.
Through partnership with Climate Impact Partners specialist in carbon market solutions for climate action, scope 1-3 greenhouse gas emissions linked to the Kvika's normal operations have been offset through the acquisition of high-quality carbon credits. These credits are helping to deliver finance to emission reduction projects around the world, supporting the transition to a low-carbon global economy. All the projects are independently verified to ensure emissions reductions are occurring.
We are specifically focused on supporting nature-based projects, which remove carbon from the atmosphere by planting woodlands and forests, and restoring grasslands. Each project in the portfolio we have purchased from also delivers a suite of co-benefits, ranging from biodiversity conservation to local job creation, which align with the United Nations Sustainable Development Goals.
