Jyske Bank gets its own wind turbine

Although it does not have a direct impact on clients, Jyske Bank has set a target of achieving carbon-neutral electricity consumption, which includes the bank’s share of consumption by JN Data and Bankdata.

Jyske Bank has set a target, from 2021, of becoming carbon-neutral by means of its own production of renewable energy, thus replacing the bank’s existing effort to become carbon neutral through green electricity certificates. The acquisition of its own land-based wind turbine means that the bank is now achieving this goal as from 1 July 2020.

“At Jyske Bank, we want to take a dose of our own medicine in terms of what we advise our clients to do. Due to the keen focus on the climate crisis, we purchased a wind turbine because we want to help reduce our own carbon emissions. This is a zero-sum transaction for us, but we’re actually pleased with that. And, seeing that we can contribute to the green transition at no cost, it simply makes sense,” says Anders Dam, CEO.

Buys a wind turbine at the Port of Hirtshals

In December 2019, Denmark’s first wind farm without state subsidy was officially commissioned at the Port of Hirtshals. The farm comprises four Vestas V136 wind turbines, and the plan is for this cheap, eco-friendly power to attract additional undertakings to the port. The first turbine was sold in shares to a total of 360 small private investors, while the three other turbines are earmarked for undertakings that eventually want to set up operations in the port.

Jyske Bank will now acquire one of these earmarked turbines to become carbon neutral in terms of its electricity production by means of its own production of renewable energy – and to do so quickly and without state subsidy. The bank got the approval of the Denmark’s Financial Supervisory Authority for the purchase and has calculated that the bank’s electricity consumption, including that of its external partners, can be met by the electricity generated by one of the turbines at the Port of Hirtshals:

“We’re very pleased to have sold a turbine to Jyske Bank. We’re selling one of the turbines that is already set aside, which injects capital into our organisation for further developing the port in the short term as well. According to the agreement with Jyske Bank, we can buy back the turbine at a depreciated price when and if new undertakings set up operations at the port and make use of the green electricity. This is an ideal solution for us, also in terms of sustainable local business development,” explains Jens Peter Lunden, Chairman of the Board, Hirtshals Havnefond.

The transaction between Jyske Bank and Hirtshals Havnefond has been signed and will enter into effect from 1 July 2020. It takes six months for a wind turbine to recoup the CO2 generated by its manufacturing process, which means that Jyske Bank is already carbon neutral in terms of electricity consumption as of 1 July 2020.

Jyske Bank has been involved in the project from the outset, as the bank is responsible for financing the turbines whose total value is DKK 120 million.

Contact and further details

Head of IR & Sustainability, Jyske Bank: Trine Lysholt Nørgaard, tel. +45 2158 2515 and email [email protected]

Chairman of the Board, Hirtshals Havnefond: Jens Peter Lunden, tel. +45 3065 0400 and email [email protected]