Glitnir & Sustainability
Sustainability
Sustainability deals with the importance of using the earth's ecological system in a manner which does not compromise its future productivity. In its 1987 report Our Common Future, the Brundtland Commission defined the concept as the development that fulfills present needs without compromising the ability of future generations to meet their own needs.
The core idea behind the concept is two-fold. First, the nature's supply may not be diminished, rather it should be enabled to reproduce. Secondly, the natural resources should be used in a way that does not pollute or create an environmental contamination. To succeed, it means that the interaction between the environment and the economical and social development must be balanced, which requires an active participation from the public and businesses alike.
It is projected that the world population will increase by 30% over the next 40 years with its encroachment on already depleting natural resources. We must show prudence and search for ways to alter consumption of our resources to avoid a collapse of the ecosystem.
Sustainable Business
With its growth into emerging markets and a clear focus on two industries built upon natural resources, Glitnir is truly committed to social sustainability. Glitnir is a global leader within two specialized industries; seafood and sustainable energy, with a special focus on geothermal energy. For both industries, the responsible management of the natural resources they depend on is essential for the sustainability of the business. With its expert knowledge in both fisheries and sustainable energy, Glitnir is a valued global player in promoting and developing these industries further.
Environmental Awareness
Glitnir strongly values the creation of economic circumstances that lead to a cleaner environment alongside better living standards. Climate change is the most important drive for doing business in the seafood and renewable energy sectors and is of great importance to the bank as a whole.
The bank solely depends upon renewable energy for heating and electricity for its headquarters and branches in Iceland as well as its offices in Norway. A vast range of opportunities exists in the field of environmental responsibility and awareness and Glitnir is committed to improving the bank's environmental footprint even further.
By establishing a new kind of savings account, Save & Save for our customers, we took an additional step, by allowing customers to save money and the environment at the same time. Glitnir donates 0.1% of the accounts' balance to environmental projects through a newly established Glitnir Globe Sustainable Future Fund. The Glitnir Globe Fund is an important vehicle in developing environmentally safe solutions to utilise sustainable resources.
The fund supports research in sustainable energy and fisheries, relying on Glitnir's extensive know-how and expertise in selecting projects. Glitnir strongly values the creation of economic circumstances that lead to a cleaner environment and improved standards of living.
The fund's board includes Nobel price laureate Dr. Rajendra K. Pachauri, Chief Executive of the Energy and Resources Institute and elected Chairman of the Intergovernmental Panel on Climate Change (IPCC), a chief advocate for the fight against climate change. Dr. Pachauri on behalf of IPCC won the Nobel Peace Price 2007 together with former U.S. Vice President Al Gore. We are extremely honored having won such an important figure in the fight against climate change to the board of our Glitnir Globe Sustainable Future Fund.
Financial Times Sustainability Awards
In June 2008, Glitnir Bank won the Runner-Up for the "Sustainable Deal of the Year" at Financial Times Sustainable Banking Awards 2008. The "Deal" relates to a geothermal generating facility being developed within the Salton Sea geothermal field in Imperial County California. Glitnir was competing with large players, such as Citibank, Merill Lynch, Morgan Stanley and BlueOrchard Finance.
In 2007, Glitnir was nominated for the Financial Times Sustainable Banking Awards in the category "Sustainable Deal of the Year" for the bank's participation in developing a geothermal heating system project in Xian Yang city in China. Glitnir was short-listed along with Deutsche Bank in Germany, Industrial Bank in China, South Korea's Kookmin Bank and Germany's WestLB.
