Bank of Lithuania
2022-06-07
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The Bank of Lithuania has been estimating the CO2 footprint generated by its activities for the fourth consecutive year. The electricity consumption and greenhouse gas emissions generated outside the Bank of Lithuania but related to its activities, e.g. business trips (taxi services, flights, etc.), decreased in 2021.

“We are on the path towards sustainability as we are consistently reducing our CO2 footprint and giving priority to sustainable operations of the Bank of Lithuania. The Bank of Lithuania monitors its CO2 footprint, draws up reports and implements measures to reduce its corporate environmental impact. Sustainability is one of the strategic goals of the Bank of Lithuania, with the aim of enhancing the resilience of the Lithuanian financial system and thereby contributing to the development of green finance in Lithuania,” says Marius Jurgilas, Member of the Board of the Bank of Lithuania.

In 2021, the overall CO2 footprint of the Bank of Lithuania amounted to 683.21 t CO2, where heat energy consumption makes up 67%, flights – 7%, green electricity consumption – 6%, and the use of refrigerants accounts for 13% of this amount. The overall CO2 footprint per capita amounted to 1.114 t CO2, i.e. almost three times less than in 2019.

Last year, CO2 emissions reduced in the areas of green electricity consumption, business trips (taxi services, flights), water consumption, and administrative activities (use of paper). The year 2021, like 2020, was considered a pandemic year, which meant that most of the employees of the Bank of Lithuania worked from home and remote meetings allowed to cut down on trips.

However, due to the use of refrigerants and heating of the bank’s office space, the CO2 footprint increased in some areas.

Since 1 July 2019, the Bank of Lithuania has used electricity from renewable energy sources. In 2021, as part of its responsible policy, the Bank of Lithuania carried out a public procurement and purchased green electricity to further reduce the environmental impact of CO2.

The investment portfolio of financial assets will also be restructured in line with the Eurosystem’s agreed principles on climate change and responsible investment. The Bank of Lithuania has already made its first investment of €60 million in shares in line with the principles of sustainable investing. This will allow to further reduce the climate change impact.

The Bank of Lithuania also aims to reduce the use of 1 and 2 euro cent coins, which is highly inefficient (more coins are minted and put into circulation than returned). A reduction in the use of these coins and ceasing their mintage would reduce both the costs for the government, business and the public and the negative impact on the environment.

The budget for green procurement of the Bank of Lithuania is planned to increase in the near future, aiming to make all procurements green by 2023.

The Bank of Lithuania operates in the following building complexes: Totorių g. 2, Totorių g. 4, Gedimino pr. 6 (Complex 1), Žirmūnų g. 151 (Complex 2) and Žalgirio g. 90 (Complex 4) in Vilnius and Maironio g. 25 (Complex 3) in Kaunas.

The CO2 footprint is calculated in respect of the office activities, excluding any activities carried out for the Bank of Lithuania by companies that are not directly controlled by the Bank, e.g. the production of euro banknotes and minting of euro coins, and the supply of office services and goods.