LLB Group publishes TCFD report for the first time
Vaduz, 10 October 2022. The LLB Group has published a TCFD report for the first time. The report discloses in a transparent manner, and in accordance with the internationally recognised standards of the “Task Force on Climate-related Financial Disclosures” (TCFD), an overview of the catalogue of measures adopted to implement the climate objectives, as well as where the LLB Group stands on the path to climate neutrality.
The path to climate neutrality by 2040
Combating climate change is one of the greatest challenges of our time. If the planet continues to warm, this would have sweeping consequences for humans and nature. For that reason, LLB is confirming its commitment to reduce its emission of greenhouse gases to net zero by 2040 – both in banking operations and with respect to banking products and its own investments. By publishing the TCFD report, the LLB Group is creating the greatest possible transparency regarding the path to achieving this, making it the first bank in Liechtenstein to reveal its current climate footprint in full for the benefit of its stakeholders. The report is in line with the internationally recognised standards of the Task Force on Climate-related Financial Disclosures (TCFD). It discloses how climate management is embedded in corporate governance, provides insight into the catalogue of measures adopted by the LLB Group to implement the climate objectives, and reports on the current status. In addition, the report focuses on how climate-related risks are dealt with and the opportunities that result from this. Going forward, this reporting will take place annually.
Group CEO Gabriel Brenna on the LLB Group’s sustainability strategy and the TCFD report: “Sustainability is a key element of our new strategy ACT-26. We have set ambitious goals for ourselves and want to play a pioneering role here. Since 2021, we have been managing our banking operations with net-zero emissions by collaborating with the Swiss climate foundation myClimate to invest in environmental projects in the region and around the world that aim to reduce CO2. With the TCFD report, we are transparently showing how we intend to lower our entire output of greenhouse gases, including indirect emissions from banking products and our own investments, successively to net zero by 2040 and where we stand in achieving those objectives.”
First Liechtenstein bank with MSCI ESG rating of AA
The LLB Group is broadly committed to sustainability, as evidenced by its membership in the most important international climate initiatives: In addition to the Climate Pledge, it has joined the UN’s Net-Zero Banking Alliance (NZBA). The LLB Group has also signed on to the Principles for Responsible Banking (PRB), the UN Global Compact, and the financial initiative Principles for Responsible Investment (PRI). Because of its extensive commitment to sustainability, the LLB Group is the first, and currently only, bank in Liechtenstein with an MSCI ESG rating of AA. MSCI rates companies around the world according to sustainability criteria in the environmental (E), social (S) and corporate governance (G) areas.
The Task Force on Climate-related Financial Disclosures, better known as TCFD, is an initiative started in December 2015 by the Financial Stability Board (FSB) , an international body that was formed with the support of the G20 countries to promote international financial stability. The purpose of the TCFD is to identify information needed by investors, lenders, and insurance underwriters in appropriately assessing and pricing risks and opportunities related to climate change
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 1'116 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2022, the business volume of the LLB Group stood at CHF 98.4 billion.
- 24 August 2023, presentation of the 2023 interim business result
Liechtensteinische Landesbank AG
Dr. Cyrill Sele
Head of Group Corporate Communications & Sustainability
Telephone +423 236 80 99