LLB seeking to become Liechtenstein’s first climate-neutral bank
8 November 2021
Liechtensteinische Landesbank (LLB) is planning to operate on a climate-neutral basis before the end of this year. Greenhouse gas emissions will be offset by investments in climate projects. By 2040, emissions generated by banking operations and products will be reduced to net zero.
The United Nations climate targets stipulate that global warming should be capped at 1.5 degrees Celsius. The LLB Group supports this target and is implementing measures to help achieve climate-neutrality, according to a press release issued by the banking group. In fact, the LLB Group, which is majority-owned by the Principality of Liechtenstein, intends to structure its own bank operations on a climate-neutral basis before the end of this year. To achieve this, greenhouse gas emissions will be offset by investments in climate projects. In so doing, the LLB Group will become “the first carbon-neutral bank in Liechtenstein”, the press release explains.
“We feel certain that the global financial industry will play an important role in the transition to a climate-friendly economy”, comments Group CEO Gabriel Brenna in the press release, before adding: “We believe in doing the right thing. This is why, in future, we want to play a pioneering role in terms of sustainability and why we have set ambitious goals for ourselves”.
In specific terms, the LLB Group has committed to reducing greenhouse gas emissions linked to banking operations and products to net zero by 2040. If this succeeds, the Group would have achieved full climate neutrality ten years earlier than stipulated by the Paris Climate Agreement, according to the press release. The first sustainable gold fund launched by LLB AG also crossed the mark of 100 million US dollars within the space of just a few months, the press release explains further.
Since being founded 160 years ago, sustainability has been a core element of the LLB Group’s activities, it writes in the press release. Sustainability has also been integrated as one of three key pillars of the current corporate strategy ACT-26. Moreover, the LLB Group has confirmed its dedication to sustainability and climate protection “through membership in the most important international climate initiatives”, the press release explains.