Jyske Bank sets new targets to compensate for its own CO2 emission

Jyske Bank anticipates that as of late 2022 it will be able to compensate for the Bank’s entire CO2 emission, so emissions from the bank’s power consumption, heating and use of cars will be compensated for through its own production of renewable energy.

 Since 1 July 2020, Jyske Bank has owned a wind turbine at the port of Hirtshals. The wind turbine was acquired to meet Jyske Bank's environmental target of compensating, through its own production of renewable energy, for its CO2 emission from power consumption, inclusive of the Bank’s share of JN Data’s and Bankdata’s power consumption.

“Throughout 2020, the wind turbine has produced 16.1 Gwh, and hence the production exceeds Jyske Bank's power consumption of 15.3 Gwh in 2019 by almost 1 GWh. Jyske Bank's annual power consumption has been reduced significantly in recent years, primarily due to energy optimisation, and we also anticipate reductions going forward. Therefore, it would be obvious to take a look at what else could be compensated for by the power that the wind turbine generates”, says Anders Dam, CEO and Managing Director, Jyske Bank.

If the Bank’s own power production is maintained at the 2020 level, and the power consumption falls in 2021 in line with expectations, Jyske Bank only needs to generate 1 Gwh - 1.5 Gwh in order to compensate for the Bank’s emissions relating to heating and cars. Therefore, Jyske Bank anticipates that already as of the end of 2022, it will be able to compensate for its CO2 emission from its power consumption, heating and own cars. As regards its own cars, Jyske Bank will in 2021 begin a transition to low-emission cars.

First mover

“Jyske Bank would like to help reducing CO2 emissions and works continuously to reduce our power consumption, for instance. We have bought a wind turbine, hence compensating for CO2 emission thanks to our production of renewable energy. Also, we signal that we intend to practice what we preach to our clients. This forms a good point of departure for a dialogue with our clients”, says Anders Dam.

And indeed, the purchase of the wind turbine has been met with interest by several of Jyske Bank’s corporate clients, who themselves are contemplating measures to reduce CO2e[JB1]  emission. Renewable energy is one of the five sustainable areas of lending defined by Jyske Bank in its Green Finance Framework in February 2020, and Jyske Bank expects a number of finance projects within these areas in the years up to 2025.