The basis for our climate strategy is to gradually reduce greenhouse gas emissions according to clear targets on a yearly basis and in the longer term. We are aware that in the short term, we will not be able to reduce all emissions. One important element of our climate strategy is thus to include climate compensation for the emissions we are unable to avoid.
Starting in 2021, the Bank of Åland has compensated for the proportion of CO2e emissions that are related to our own business operations and encompass Scope 1 and 2 plus supplier-related emissions from purchases in Scope 3, which we can measure today. Group Management decides on a quarterly basis how the Bank of Åland’s climate compensation will be carried out for the quarter in question.