After the European Banking Federation, the Liechtenstein Bankers Association (LBA) is also joining the Net-Zero Banking Alliance (NZBA) as a Supporting Organisation. The industryled, UN-convened Net-Zero Banking Alliance is Race to Zero-accredited and represents the banking element of the Glasgow Financial Alliance for Net Zero.
The LBA is a strong believer that there needs to be a systemic change and hence a shift of mindset in our society, where each and every one of us has to start with themselves. As a result of this partnership, the LBA commits itself to reducing emissions from operations to net zero by 2030. The LBA has set itself the following targets:
- -25% CO2 emissions/FTE by 2023 (base year 2019)
- -50% paper consumption/FTE by 2023 (base year 2019)
- 100% renewable energy by 2023
These goals go beyond the many measures already introduced by the LBA itself such as CO2 reduction, CO2 compensation of unavoidable emissions, exclusive use of tap water, etc. and are to be achieved by raising employee awareness and reducing consumption.
By 2030 or sooner, operational emissions are to be reduced to the greatest extent possible. All unavoidable emissions will be removed from the atmosphere through CDR measures, mainly through participation in reforestation projects.
More importantly, the LBA will reach out to its member banks in order to support their participation in the NZBA as well as to other national industry associations and the Liechtenstein Government to promote and advocate for the net-zero emissions target. With LGT Group in April, LLB In August and VP Bank in September, all three major Liechtenstein banks have already joined the NZBA. The memberships of the three major banks show the clear commitment of the Liechtenstein banking centre to a climate-positive future and to taking action.
