Declaration of intent

Investments for sustainable development

On September 25, 2020, Katrín Jakobsdóttir, Prime Minister, on behalf of the government, and parties representing nearly 80% of assets in the Icelandic financial market signed the “Declaration of Intent on Investments for Sustainable Development”. Festa – Center for Corporate Social Responsibility and Sustainability, the Association of Financial Institutions (SFF), the National Association of Pension Funds (LL) and the Prime Minister’s Office worked on its formulation in extensive consultation with representatives of the main parties in the financial market. The parties signing the Declaration of Intent are: the Government of Iceland, banks, savings banks, deposit institutions, insurance companies, pension funds and investment funds. The Declaration of Intent is a unique coordinated initiative of private parties in the financial market and governments in an international context. The MoU sheds light on how investments, financing and lending are evolving towards greater sustainability and social responsibility and what criteria are guiding them. The widespread impact of COVID-19 further underscores the importance of taking sustainability into account in the development work ahead. The full MoU can be accessed below (in Icelandic and English). By clicking on the upper yellow button, you can access a list of signatories and the statement in pdf format. We encourage interested parties working in the fields of investments, financing and/or financing to learn more about participating.

Viljayfirlýsing - Fjárfestingar í þágu sjálfbærrar uppbyggingar

Capital is an important driving force in shaping the business and economy, and society as a whole. Its proper utilization determines much about the competitiveness of nations and the future of future generations. Investors, financial companies, institutions and governments therefore play an important role in shaping business and society.

We, the undersigned, believe that sustainable development is a fundamental principle of budgeting, investment and lending. Sustainable development is based on a balance between the environment, society and the economy, and through targeted actions, budgeting, investment and lending can be used to maintain sustainable development. The widespread impact of COVID-19 further underscores the importance of having sustainability as an important guiding principle in the reconstruction efforts ahead.

Í ákvörðunum okkar tökum við tillit til alþjóðlegra skuldbindinga Íslands og þeirra viðmiða sem íslensk stjórnvöld hafa sett sér. Þar má nefna markmiðið um kolefnishlutlaust Ísland eigi síðar en árið 2040, markmið Parísarsamkomulagsins um að dregið verði úr losun gróðurhúsalofttegunda þannig að hlýnun jarðar fari ekki yfir 1,5 gráður og heimsmarkmið Sameinuðu þjóðanna um sjálfbæra þróun 2030. Eftir atvikum er einnig litið til ESG/UFS, meginreglna Sameinuðu þjóðanna um ábyrga bankastarfsemi (UN PRB), meginreglna Sameinuðu þjóðanna um ábyrgar fjárfestingar (UN PRI), UN Global Compact ofl.

Við skuldbindum okkur ennfremur til að birta stefnu okkar um ábyrgar og sjálfbærar fjárfestingar, fjárveitingar og útlánastarfsemi, og veita upplýsingar um leiðir okkar í þessum efnum.

*The implementation of the statement naturally takes into account legal authority, internal rules and the mandate of the relevant investor.

Undirritað 25. september 2020

Viljayfirlýsingin - undirritanir Undirritun - takið þátt

Viljayfirlýsing - Fjárfestingar í þágu sjálfbærrar uppbyggingar

Declaration of Intent - Investment for a Sustainable Recovery

Because finance is a major driver of employment generation, the economy and society in general, allocation of investment and capital determines to a large extent the competitiveness of countries and the future of coming generations. In this respect, investors, financialundertakings, institutions and governments play a vital role in shaping businesses and societies.

We, the signatories of this declaration, believe that sustainable development is one of the fundamental elements on which decisions about funding allocations, investments and lending should be based. Sustainable development maintains a balance between the needs of the environment, society and economy and through conscious, targeted actions, funding allocations, investments and lending can help ensure sustainable development.

The extensive consequences of COVID-19 further emphasise the importance of making sustainability a guiding principle in the reconstruction efforts ahead.

In our decisions we bear in mind Iceland‘s international commitments in this regard and targets adopted by the government. Among them is the goal of making Iceland carbon-neutral by 2040, the Paris Agreement’s target to reduce GHG emissions so that global temperature rise will not exceed 1,5 degrees and to achieve the Sustainable Development Goals (SDGs) by 2030.

Depending on the nature of the organisation, we follow the ESG criteria, UN Principles for Responsible Banking (UN PRB), UN Principles of Responsible Investments (UN PRI), UN Global Compact, etc.

We furthermore commit to publishing our policies on responsible and sustainable investments, funding allocations and lending and to disclose information about our actions in this regard.

*The implementation of this statement by investors will by definition take into account applicable law, internal rules and the investment mandate of each investor. Any application of this statement must, as a matter of course, take into account applicable law, internal rules and the investment mandate of each investor.

Released: 25 September 2020

Declaration of Intent - Signatures