Liechtenstein Bankers Association publishes first sustainability report

The Liechtenstein Bankers Association (LBA), headquartered in Vaduz, generated 54.3 tons on CO2 last year. At the same time, the association was able to offset 445.7 tons of CO2 through its participation in a reforestation project in Colombia via the climate platform KlimaDAO, further details of which can be found in the LBA’s first sustainability report.

According to the report, the LBA contributed to various UN Sustainable Development Goals (SDGs). Among other things, the LBA facilitated free access to basic banking services for refugees fleeing the war in Ukraine, in addition to providing funds for over 10,000 COVID-19 vaccinations. These were distributed to the poorest countries in the world last year in a joint campaign with the children’s aid organization UNICEF.

Moreover, the LBA is a supporting organization behind the Principles for Responsible Banking (PRB), which were drawn up by UNEP FI and Net-Zero Banking Alliance. Together with the largest banks in Liechtenstein, the LBA has also committed to operating on a climate neutral basis by 2030.

According to information in the sustainability report, the LBA caused 54.3 tons of the environmentally damaging greenhouse gas carbon dioxide on account of energy and water consumption, business trips, employee commuter routes and the procurement of goods and services.

The LBA was able to offset this operational CO2 footprint through its cooperation with the environmental platform KlimaDAO. To this end, the LBA launched a range of climate-positive NFTs (Non-Fungible Tokens), which was initially offered to employees, before later being opened up to all interested parties. The proceeds are being put towards a reforestation project in Colombia.