Nordic Council rewards socially responsible banks
The Nordic Council Environment Prize is awarded in Reykjavik on 3 November. The winners were three Nordic banks, who argue that the banking industry's core business is not shareholder returns, but the greatest possible benefit for society as a whole. Part of the prize will be donated to sustainable banking in Iceland.
"Banks are required to lubricate the economic machine, but if their goal is simply to make money, then it will go wrong. This has become obvious in recent years and nowhere is this more apparent than here in Iceland", he added.
- Photographer
- Cultura Bank
The theme for the Nordic Council Nature and Environment Prize 2010 was "green asset management". The prize winners are three banks, Ekobanken from Sweden, Cultura Bank from Norway and Merkur Andelskasse from Denmark.
The three financial institutions argue for a combination of classic banking without speculation and a strong vision for long-term sustainability.
Focus on the long-term is definitely, according to them, a viable option for the banking industry, which in their view has sold its soul to short-term speculation.
"We have won the prize for our way of managing money. Growth is not a goal in itself, if it doesn't contribute to sound and cohesive development both in the local community and globally. Money should be used to build and create community, according to one of the prize winners, Lars Hektoen from Cultura Bank.
"Banks are required to lubricate the economic machine, but if their goal is simply to make money, then it will go wrong. This has become obvious in recent years and nowhere is this more apparent than here in Iceland", he added.
The prize winners believe that the current imbalances must be rectified, otherwise there will just be more crises.
"In our credit business, we work with full transparency and we always ask our clients what kind of added value is most important for them. It may be from an ecological, a social or a cultural perspective. Our goal is long-term and sustainable development", says Annika Lauren from Ekobanken.
Along with the Danish winner, Lars Pehrson, they took part in a debate in Iceland on the day before the ceremony, which included representatives from the Icelandic banking federation - which attracted heated discussion.
"It's also very much about grassroots involvement. We all have the possibility to vote with our feet, make demands as consumers and choose a bank that shows responsibility", says Lars Pehrson.
The three prize winners have decided to donate a third of the prize to activities that will promote sustainable and socially responsible banking in Iceland.
The prize winners have written a joint opinion article, which has been published in a number of leading Nordic newspapers.
The Nordic Council Nature and Environment Prize was established in 1995 and is awarded on an equal footing with the prizes for literature, film and music.
Contacts
Michael Funch
Phone
+45 33960332
Email
mifu@norden.org
