As the global air temperature rises due to the increase of emitted emissions, Luminor Bank AS, in continuation to establish strong sustainability standards, has committed to set near-term company-wide emission reduction targets in line with climate science and methodologies provided by Science Based Target initiative (SBTi). The bank has submitted its targets to the SBTi at the end of 2023 and is currently waiting for validation.
Science Based Targets initiative is dedicated to lead the way to a net-zero economy, boost innovation and drive sustainable growth by setting ambitious emissions reduction targets that would be based on science. Such targets can show different businesses how much and how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the worst effects of climate change.
Luminor has decided to join the initiative by submitting the targets in alignment with the 2015 Paris Agreement. The submitted targets cover Luminor Scope 1 (direct), Scope 2 (indirect) and Scope 3 (supplemental) emissions, as well as financed emissions from the bank’s credit portfolio.
For Luminor and comparable institutions, which are motivated to join the global efforts of addressing climate change and its associated risk, it is crucial to establish net-zero targets as it demonstrates strong dedication to reducing greenhouse gas emissions and mitigating the impact of climate change on the environment.
By submitting said targets, Luminor ensures that its emission reduction goals are in line with the latest scientific recommendations, providing a credible and effective roadmap to achieve sustainability. The target establishment process has been a substantial learning curve for the whole organization. In order to establish the targets, Luminor developed models for industry sectors and interactive transition pathways to understand the feasibility of and to prioritize the levers for achieving the calculated targets. This milestone signifies the bank's proactive stance in contributing to a low-carbon economy, enhancing its environmental responsibility, and staying resilient in the face of evolving climate-related challenges.
In 2021, Luminor has committed in its Sustainability policy to reach net-zero greenhouse gas emissions by 2050 by the bank’s own operations and to support the transition to net zero economy of our customers. Our commitment included commitment to set medium term targets to SBTi and to submit these to SBTi for validation by the end of 2023.
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