Media release

VP Bank joins UN-convened Net-Zero Banking Alliance

07.10.2021

Reading time: 3 Min

In line with its commitment to a climate-positive future, and confirming its net-zero ambition, VP Bank joins the Net-Zero Banking Alliance (NZBA), a UN-convened global alliance of banks, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 or sooner.

Representing almost a quarter of global banking assets, with over 50 members from 29 countries and USD 39 trillion in total assets, the NZBA is a critical step in the mobilisation of the financial sector for climate protection. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions, encompassing both operational and attributable emissions (including scope 3 emissions).

Alliance members commit to:

Set scenario-based interim targets for 2030 or sooner for priority sectors
Prioritise areas of most significant impact, i.e. the most greenhouse gas intensive and emitting sectors
Annually publish emissions and emissions intensity
Take into account the best available scientific knowledge
Set first target(s) within 18 months of signing and report annually thereafter
Disclose progress against a board-level reviewed transition strategy

The NZBA is convened by the United Nations Environment Programme Finance Initiative and is the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy on Climate Action and Finance ahead of COP 26.

VP Bank is proud to join leading peers from the banking industry in these collective efforts to reach net-zero emissions by 2050. We look forward to engaging with our clients to support them in their transition plans and accelerate action on climate.

Sustainability is integrated into VP Bank's overall group strategy 2026, and joining this alliance is fully aligned with the existing strategy and commitment to sustainability. VP Bank has already set an ambitious target of achieving net-positive impact through its offering. The Bank also set a target of achieving climate neutrality in its operations by 2026 and its approach to sustainable investing is consistently applied in the investment process and advice provided to clients.

Paul H. Arni, Chief Executive Officer of VP Bank Group: “Joining the Alliance reflects our ambition to play an active role in creating a positive impact for society and the environment. We recognise the urgent need for action on climate change, and this is prominently reflected in our strategy 2026 in our 'Investing for Change' initiative.”