LLB committed to UN climate goals
Vaduz, 8 November 2021. In the fight against climate change, the world has reached a decisive turning point. At the COP26 climate summit in Glasgow, heads of state and government leaders are currently discussing ways to halt global warming. The economy also needs to take corresponding measures. The LLB is aware of its responsibility and is acting accordingly.
Sustainability as a key pillar of the new corporate strategy
Climate change is one of the greatest challenges of our time. Scientific studies have shown that the effects of global warming will severely impact every aspect of our lives. The LLB Group is also taking measures to halt this development – including, above all, achieving carbon neutrality. "We feel certain that the global financial industry will play an important role in the transition to a climate-friendly economy. 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," says Group CEO Gabriel Brenna.
LLB is the first carbon-neutral bank in Liechtenstein
For example, the LLB Group's banking operations will already become carbon-neutral in 2021 – making it the first bank in Liechtenstein and one of the first in Switzerland and Austria to do so. They will achieve this goal by fully compensating for the greenhouse gas emissions caused by banking operations (including employee commutes) through investments in local and internatio-nal projects to reduce carbon emissions. The LLB Group is working together with the Swiss climate non-profit organisation myclimate to reach this target. At the same time, the LLB Group is introducing measures to reduce the emissions of its own banking operations to net zero by 2040.
Sustainable products for a climate-friendly world
In addition to adapting its day-to-day operations, the LLB Group also wants to support its clients in their efforts to become carbon-neutral – with expert advisory services and differentiated, sustainable products. Specifically, the Group has set itself the goal of reducing the carbon emissions of all bank products to net zero by 2040. This is being done in line with the UN's extremely ambitious target to limit global warming to 1.5°C. This would mean the LLB Group would achieve complete carbon neutrality ten years ahead of the Paris Agreement.
One key aspect in terms of achieving their sustainability goals is to further adapt the Group's offers. On the client side, the LLB Group has already greatly expanded its range of sustainable investment products in recent months. In addition to its well-established range of sustainable asset management and advisory services, it also offers a comprehensive selection of sustainable funds. Liechtenstein's first sustainable gold fund, which was issued by LLB AG, crossed the USD 100 million mark in just a few months. Additional products in the sustainability sector are being planned or are scheduled to launch in the near future.
Transparent reporting is essential for the LLB Group, which is why it will report regularly on the progress of its ambitious plans in future. In addition to the annual sustainability report in accordance with the GRI standard, the Group will also be releasing a report in accordance with the internationally recognised TCFD standard.
Member of key climate initiatives
The LLB Group confirms its dedication to sustainability and climate protection through membership in the most important international climate initiatives. For example, it has been a member of the UN's Net-Zero Banking Alliance (NZBA) since August 2021. The aim of the initiative is to eliminate the most carbon-intensive sectors from credit and investment portfolios. "With our voluntary net-zero commitment, we are underscoring our determination to contribute to the transformation of the global economy," says Group CEO Gabriel Brenna.
With its membership in the NZBA, the LLB Group is also part of the Race to Zero campaign – an initiative launched by the United Nations. The campaign brings together state and non-state actors from more than 90 nations. They recognise the importance and the urgency of working towards a decarbonised economy in order to create a healthier, safer, cleaner and more resilient world for future generations.
Furthermore, Liechtensteinische Landesbank has also signed the UN's Principles for Responsible Banking (PRB). The PRB is an international initiative for responsible banking and offers a uniform framework for a more sustainable banking sector. It was developed as part of an innovative partnership between banks around the world and the Finance Initiative of the UN Environment Programme.
The LLB Group has been a member of the Principles for Responsible Investment (PRI) initiative since 2020. In this way, the Group is doing its part to support the objective of responsible management of financial instruments.
Sustainability since 1861
Since its founding 160 years ago, sustainability has been one of the core elements of Liechtensteinische Landesbank's corporate activities. Over the past two years, the LLB Group has once again accelerated its efforts in the area of sustainability. Sustainability is defined as one of the three core strategic elements of its new corporate strategy, ACT-26.
The LLB Group has established a Sustainability Council as the coordinating body responsible for helping the Group achieve its ambitious goals. The Council is chaired by the Group CEO. This further illustrates that sustainability is truly top priority at all levels of the LLB Group.
Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The majority of the company’s share capital is held by the Principality of Liechtenstein. LLB’s shares are listed on the SIX Swiss Exchange (Symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 1'048 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 30 June 2021, the business volume of the LLB Group stood at CHF 101.9 billion.
- 25 February 2022, presentation of the 2021 annual results
- 6 May 2022, 30th ordinary Annual General Meeting of Shareholders
Liechtensteinische Landesbank AG
Dr. Cyrill Sele
Head of Group Corporate Communications & Sustainability
Telephone +423 236 80 99