On 27 March, the Bank of Latvia (Latvijas Banka) published its first climate-related disclosure report for the year 2022, providing insight into the bank’s sustainable development policy and approach to addressing environmental, social and governance issues.
The report emphasised the commitment of the Bank of Latvia to integrate sustainability in the investment process and describes the main achievements in climate risk mitigation, social responsibility and management, the Bank said.
The report also provided insights into the bank’s management, strategy and risk management practices, as well as its approach to climate-related risk management in non-monetary policy investment portfolios.
“The sustainability review is an important step in continuing to integrate sustainability into the management of our investments and related decision-making processes,” emphasises the President of the Bank of Latvia, Mārtiņš Kazāks. “We recognise the importance of sustainable development and are committed to contributing to global challenges such as climate change, biodiversity conservation and inequality.”
In the report, Latvijas Banka informed that it has significantly reduced the carbon footprint of its portfolio of developed market shares. In comparison to 2021, the portfolio’s carbon footprint of the portfolio has been cut by 47 per cent.