The Environment

Kvika emphasise efforts to minimise the negative effects its operations may have on the environment, employing various measures to reduce greenhouse gas emissions, as much as possible.

The bank has established an environmental and transport policy providing for the bank to assess the environmental impact of its operations and to seek to reduce negative impact. In addition, environmental issues are among the sustainability factors taken into account in decision making processes. Here is an abstract from the policy:

The aim of Kvika´s environmental and transport policy is for Kvika to know the environmental impact of its operations, and to seek to reduce the negative environmental impact its operations may have. Also, to encourage staff to use environmentally friendly, economical and healthy means of transport. Kvika aims to contribute to improving the environment and health of its employees, as well as of the community, set a good example and increase people´s awareness of environmentally friendly transport. The policy includes that Kvika:

  • meets as a minimum the requirements of laws and regulations regarding the environmental effects of its operations, and shall strive to do better, when possible;
  • measures the environmental impact of its activities, monitors and controls them, so as to seek to reduce negative effects its operation may have on the environment;
  • minimize waste; utilize resources well and reduce waste; increase recycling and green purchasing, all of which aims to reduce Kvika´s carbon footprint;
  • encourages staff to use environmentally friendly, cost-effective and healthy means of transport, and to use digital communication technology whenever possible in order to reduce its environmental footprint;
  • applies mitigation and carbon offsets to the negative effects of its operations, e.g. in relation to flights and driving;
  • encourages consultation with employees, customers, suppliers and other stakeholders to protect the environment, and take measures that have positive impact on the environment;
  • sets goals for environmental performance and publishes annually information on its performance.  

Kvika uses various methods to reduce the carbon footprint of its operations, e.g. to save energy in the bank´s offices, limit unnecessary printing and recycling. We encourage employees to use environmentally friendly means of transport and to priorities digital technology instead of travelling, as much as possible.


In the autumn of 2020 Kvika set up and implemented an environmental management software, EnviroMaster from Klappir, enabling the bank to monitor and manage its overall environmental impact.

This software uses digital technology to ensure traceability, transparency and efficiency in gathering data and dissemination of information. It enables the tracing of the origin of data from Kvika´s suppliers and enables Kvika to publish reliable environmental assessments, as part of Kvika´s actions to encourage sustainability. The environmental assessment is part of Kvika´s annual ESG report, that among other things is based on quantitative data obtained through the environmental management software. Kvika´s annual ESG community report can be accessed here.


Kvika has since 2019 applied mitigation measures against the environmental impact of its operations, including from aviation, driving on behalf of the bank´s employees, and other emissions from the use of hot water and electricity in the Bank´s operations, in collaboration with the Icelandic Wetland Fund and Kolvidur – the Iceland Carbon Fund. The Icelandic Wetland Funds’ primary objective is to contribute to the reclamation of wetlands and reduce greenhouse gas emissions in Iceland, as well as to promote the recovery of biosphere, birdlife and improving aquatic resources. The Fund´s main focus is on co-operation with farmers, landowners, municipalities and the Icelandic state, to restore the areas not used for cultivation or forestry. The Fund reliese on researches that show that up to two-thirds of all greenhouse gas emissions in Iceland are from drained wetlands. Kolvidur - the Icelandic Carbon Fund aims to increase carbon sequestration in forest ecosystems in order to reduce carbon dioxide levels in the atmosphere, bind soil and reduce soil erosion, increase public and business awareness of greenhouse gas emissions, and to promote education on related issues. Kvika´s co-operation with Kolvidur and the Icelandic Wetland Fund regarding the above mentioned mitigation measures is an important part of Kvika´s contribution to the fight against greenhouse gas emissions, which is without a doubt one of them most urgent projects of our time.