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Sustainability

Our approach

Sustainability is an integral part of our business. Our strategic direction is underpinned by sustainability, which is reflected in our purpose, business strategy, and customer promise, and is at the heart of our vision of financially sound and sustainable society.

In other words, we consider how our financial decisions affect the environment. It also means that we actively seek to direct money into projects and companies that are focused on doing long-term good for people and the planet.

You can find our sustainability-related policies, statements and other documents, that make up our sustainability framework below.

Our journey

Being the bank for the many brings with it a great opportunity and responsibility to drive the transition. We believe that everyone can contribute to positive impact in mitigating climate change and pursuing other relevant goals for society, and we are committed to supporting it.

From the bank’s perspective, sustainability is shaped by our direct and indirect impacts and contributions to society.

  • Our direct impact – the sustainability of our own operations. It means that keeping our business sustainable is imperative.
  • Our indirect impact – our impact on and contribution to society and the environment through our customers. This is in fact our superpower.

Embracing sustainability through our operations

In terms of our daily operations, some of our top priorities are reduced greenhouse gas emissions and our employees.

Our targets are:

  • Reduction of our operational carbon footprint by 60 per cent by 2030, compared to 2019 (scope 1, 2 and 3 emissions),
  • Reduction of energy consumption (heating and electricity) in our premises by 15%/m2 between 2017 and 2025.
  • 40/60 gender balance at management team level and monitoring it throughout our organization.
  • The concept of Sustainable Employees which focuses on three key areas: Wellbeing, Working Environment (both physical and digital), and Diversity, Equity and Inclusion. The overall approach is collaborative, combining employee self-leadership with proactive efforts by the employer. We regularly monitor progress through employee surveys to ensure an inclusive and safe working environment.
  • Zero tolerance to discrimination, harassment, and victimization in the working environment.
  • ±1% equal pay gap between women and men for equal work.
 

Work with suppliers

Swedbank has a large number of suppliers and therefore has a big responsibility but also good opportunities to influence them based on sustainability specifications and expectations. The aim is to work together to promote sustainability at every level.

When working with partners and suppliers of various services, we always pay attention to sustainability aspects. We seek to work only with service providers which follow the highest standards of business ethics and sustainability. The Swedbank Supplier Code of Conduct, which is required to be signed by service providers, states that the company must behave responsibly towards its employees, must ensure equal opportunities and follow the requirements of environmental sustainability, while guaranteeing prevention of corruption.

Our impact through our customers

  • Climate targets

We can scale the impact through our customers, as their emissions account for by far the largest portion of our total carbon footprint. Thus, Swedbank Group has adopted decarbonisation targets for its lending portfolio by 2030. Targets for Baltic Banking, including Swedbank Latvia, are:

  • Mortgages: reducing the financed emission intensity (kgCO2e/m2) by 48 per cent (Baltic Banking).
  • Commercial real estate: reducing the financed emission intensity (kgCO2e/m2) by 45 per cent (Baltic Banking).
  • Power generation: for large electricity and heat generation companies, reducing the financed emission intensity (tCO2e/MWh) by 59 per cent (Swedbank Group).

Swedbank Group is also part of the Net-Zero Banking Alliance and is committed to reaching net-zero emissions by 2050. More information on Swedbank climate action can be found on Swedbank Group website.

To support green transition, Swedbank Latvia has diversified financial solutions which include:

  • Favourable conditions for leasing environmentally friendly cars for private and corporate customers
  • A loan for households for the purchase and installation of a solar panel system, wind power plant, heat pump, or solar panel batteries.
  • A housing loan with state support for families with children, young professionals and soldiers.
  • A loan for the renovation of apartment buildings and improvement of energy efficiency
  • State-guaranteed loans for tuition fees and monthly expenses, which promote equal opportunities for young people to obtain higher education
  • More accessible financing for entrepreneurs through guarantee programs
  • Loans for companies for the purchase of solar panels, wind turbines, and heat pumps to use renewable energy sources for self-consumption
  • A home energy efficiency loan for the renovation of a standalone house
  • A loan for afforestation of land – for the creation of a forest by planting, sowing or natural regeneration of a forest on unforested land
  • An agricultural loan with a sustainable agriculture certificate
  • Sustainability-linked loans for corporate customers
  • Pension funds which prioritize investment funds with higher sustainability indicators and businesses that create a greener environment and a higher quality of life for all (e.g., greenhouse gas emissions, biodiversity, emissions to water, and waste, social and employee issues, respect for human rights, anti-corruption and anti-bribery issues)
  • Swedbank Robur investment funds that operate in accordance with a sustainable investment strategy.
  • Green, Social and Sustainability bonds. By issuing the bonds, Swedbank Group raises funds to finance environmental and social projects, such as generation of renewable energy, projects promoting access to healthcare and education and other.

Additionally, we aim to help our customers understand the necessity of the green transition and how they can do their part, by providing various tools and materials, for example:

  • Self-assessment tool for most material risks ESG risks
  • Public digital ESG knowledge platform ESG School, including an overview of material sustainability aspects for different sectors.
  • Digital guides for entrepreneurs on sustainable business practices
  • Sustainable home guide for private customers
  • Information on sustainable living in Swedbank’s blog and the “Housing Talks” podcast.

For us, financial health is about increasing the general knowledge of key economic concepts and promoting better financial decision-making.

Currently, around 1 in 3 people in our home markets have poor financial health. While the overall situation has improved over the years, many people still lack solid understanding of how to improve their long-term financial stability through the tools the financial world has to offer today.

You can check your financial health here.

Swedbank Group made a bold commitment - by 2030, we will empower 1 million people to strengthen their financial health. To achieve this, we provide personalized financial advisory services and educate our society on financial matters by making the difficult things simple.

Institute of Finances

The Institute of Finances is an educational unit of Swedbank charged with the task of contributing to the society’s financial literacy through encouraging sustainable financial habits in all groups of society, including businesses.

Its activities are aimed at promoting the financial stability of general population and small businesses by providing informational support in various finance-related matters and by providing practical tools for financial planning and business development.

You can learn more about the activities of the Institute of Finances here.

Engaged member of society

We believe that, together with our large customer base, we can drive change and have a significant positive impact on our society.

Our goal – to be a good corporate citizen that strengthens society and its individual members.

Swedbank Latvia is involved in various community projects. We engage in areas related to education, entrepreneurship and diversity, equity and inclusion.

Among other initiatives in Latvia, we are founders of the AUGT Education Foundation, long-time supporters of other educational youth initiatives such as Junior Achievement Latvia and the youth motivation program MOT, and co-founders and the biggest corporate supporters of the Conversation Festival LAMPA. Additionally, we organize the Business Experience Days and the largest financial literacy event for schools – the Money Day. We also host various financial literacy and sustainable finance podcasts and participate in other projects focused on social and community strengthening, environmental protection, equal opportunities, and diversity.

Finance Lab

Swedbank Finance Lab is a unique space for pupils and students to learn more about the fundamentals of economics and personal finance management in a smart and engaging way.

The Finance Lab visitors can learn about personal budget planning, the importance of saving, and the meaning of responsible borrowing.

All topics are presented here through smart technology and interactive games.

You can book your visit to the Finance Lab in Riga here.

AUGT Education Foundation

Swedbank Latvia’s unwavering commitment to education is something we are extremely proud of, and in 2024 we took it a step further by launching the AUGT Education Foundation, which means ’to grow’. With a donation of 10 million EUR, we aim to enhance the quality of education in Latvia, while also promoting financial literacy and lifelong learning skills across diverse community groups.

Song and Dance Festival

For more than 15 years, we have been a general sponsor of the Song and Dance Festival movement, supporting both the General Song and Dance Festival and the School Youth Song and Dance Festival. We are delighted to be together with thousands of participants, choir and dance collective leaders, volunteers and spectators, co-creating and experiencing this event, which is of such importance to Latvia and unique on a European and global scale.

Junior Achievement Latvia

Swedbank Latvia is a long-time supporter of the Junior Achievement student enterprise education, which is available in more than 350 schools all over Latvia, creating an opportunity for more than 120,000 students in Latvia to experience what it means to start and run a business. Junior Achievement’s annual conference Dare to Win is the biggest youth conference in Latvia, reaching thousands of young people across the country every year.

Youth program MOT

The youth motivation program MOT stands for courage – the courage to live, the courage to care, and the courage to say no. The MOT coaches visit schools to run activities for 7th to 9th grade students on courage, friendships, personal goals, and other important topics. MOT is active in more than 70 schools, inspiring and encouraging more than 12,000 young people across Latvia every year. Over 30 Swedbank employees are proud MOT coaches, bringing both MOT and Swedbank values to young people in Latvia.

Money Day

Money Day is a one-day event for students from 1st to 12th grade, bringing knowledge, skills, and stories on financial literacy to more than 120,000 children from general and technical education schools in Latvia. Experts, entrepreneurs, artists, and storytellers from various industries lead interactive and fun online lectures and workshops on various topics: money, budgeting, investing, future professions, and careers. Money Day is renowned for its innovative, educational, and truly valuable content, and is a highly appreciated activity among children, teachers, and education stakeholders.

Business Experience Days

Business Experience Days is a weeklong series of educational and networking events organized by Swedbank Latvia as a part of the Global Entrepreneurship Week. This experience exchange initiative promotes business knowledge sharing for more successful business development, gives an opportunity for enterprises across Latvia to gain new knowledge, skills and contacts, as well as visibility and inspiration for future work. More information about the initiative can be found here.

Business Sustainability Council

Latvian business leaders from various sectors have responded to Swedbank Latvia’s call to establish the Business Sustainability Council to exchange knowledge, deepen their understanding of sustainability and jointly create a more sustainable business environment in Latvia. The Council members are united by their support for the global 2050 climate neutrality efforts, the United Nations Sustainable Development Goals and the desire to foster a sustainable business culture in Latvia.

Conversation festival LAMPA

Swedbank Latvia is the co-founder, supporter, and content creator for the opinion and democracy festival LAMPA. Every year, this inspiring and exciting 2-day event brings together more than 20,000 people, creating a platform for meaningful conversations, heated discussions, networking, and much more. Read more about LAMPA here.

Diversity, equity, and inclusion

We believe that diversity, equity, and inclusion are crucial components of our sustainability efforts. We strive to go beyond merely meeting mandatory requirements by proactively addressing and raising awareness of inclusion, accessibility, gender pay equity, diversification, and other topics.

Swedbank Latvia is an active member of the Latvia Diversity Charter. We are also proud to be the main supporter, speaker, and partner at the largest annual Diversity and Inclusion forum in the country.

Our commitment to these values is demonstrated through our participation in Pride activities. We celebrate Pride by raising the progress flag, planting flower beds in Pride colours, and joining the Pride March. Our dedication was recognized with the LGBT+ Changemaker 2021 Award during our first year of participating in Pride events.

To raise awareness of the diversity and inclusion topics, Swedbank regularly shares experience, organizes activities, and posts on social media about significant events like International Women’s Day, Diversity Month and Pride.

In 2024, we launched a unique project – the Diversity Simulator, which allowed our employees and the general public to experience life with invisible conditions such as anxiety, impaired hearing, and perceptual disorders.

Reports & regulatory information

We continuously review and adapt our activities to make sure we reach our sustainability goals.

We disclose sustainability-related information in different reports. Information on the sustainability performance of Swedbank Group, including Swedbank Latvia, is disclosed in the Sustainability Report of the whole Swedbank Group which is part of the Annual Report. There we explain how we integrate sustainability into our core processes and business decisions, disclose our targets and our progress. Swedbank Latvia also provides an overview of sustainability activities in its own Sustainability Report.

  • Swedbank Group Annual and Sustainability Reports
  • Swedbank Latvia Annual Report and Management Reports
  • Swedbank Latvia Risk and Capital Adequacy Reports
  • Swedbank Latvia Sustainability Reports

Other sustainability related policies and statements

  • Code of Conduct
  • Policy on Human Rights
  • Policy on Diversity, Equity and Inclusion
  • Environmental Policy
  • Sustainability Policy
  • Anti-Bribery and Anti-Corruption Policy
  • Banking Social Charter
  • Prevention of Conflict of Interest
  • Guidelines for Gambling
  • Position Statement on Climate Change
  • Position Statement on Defence Equipment
  • Statement on principal adverse impacts of investment decisions on sustainability factors
  • Sustainability Risks Integration and Impact Statement
  • Policy on Sustainability Risk Integration
  • Supplier Code of Conduct
  • Wage Policy and Practice
  • Remuneration in Swedbank

    • Statement on principal adverse impacts of insurance advice and investment advice on sustainability factors

    • Statement on principal adverse impacts of insurance advice and investment advice on sustainability factors
  • American Chamber of Commerce in Latvia
  • Baltic Financial Advisors Association
  • Finance Latvia Association
  • The Foreign Investors’ Council in Latvia
  • Latvian Chamber of Commerce and Industry
  • Employers’s Confederation of Latvia
  • The Swedish Chamber of Commerce in Latvia
  • Latvian Insurers Association
  • Public-Private Partnership Association
  • Institute for Corporate Sustainability and Responsibility
  • Junior Achievement Latvia
  • Baltic Institute of Corporate Governance
  • Credit Information Bureau
  • MOT Latvia

Swedbank Latvia has received the following assessments on sustainability performance:

  • Sustainability Index assessment
  • The Most Loved Brand in Latvia assessment
  • Sustainable Brand Index™ rankings
  • Family-friendly company status
  • Figure Baltic Advisory Equal Pay award
  • CV-Online TOP employer
  • CV-Online TOP employer in Finance Industry
  • Diversity Awards Latvia
  • Diversity-Friendly Employer status
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LV-1048, Latvia
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