Sustainability
Sustainability is an integral part of Zürcher Kantonalbank’s group strategy, in accordance with the Zürcher Kantonalbank Act and the implementing Guidelines for the Fulfilment of the Public Service Mandate. The goals of sustainable development and greenhouse gas neutrality have been explicitly anchored in the article of the Zürcher Kantonalbank Act on Zürcher Kantonalbank’s purpose as of 1 January 2024.
Our Guidelines
Our Guidelines
The interests and strategy of the owner are expressed in the Cantonal Banking Law on Zürcher Kantonalbank (PDF, 183 KB). It regulates the legal form, purpose, capital resources, state guarantee, business area, oversight, organisation and profit distribution.
The Guidelines for the Fulfilment of the Public Service Mandate (PDF, 155 KB) concretizes the public service mandate of Zürcher Kantonalbank that is set out in § 2 of the Zürcher Kantonalbank Act.
Sustainability is an integral part of Zürcher Kantonalbank’s group strategy. Our sustainability ambitions are set in our group strategy.
The sustainability policy (PDF, 201 KB) formulates guidelines for Zürcher Kantonalbank’s business activities along the dimensions of environment, social affairs and corporate governance (ESG). It substantiates our sustainability ambition, which is part of the group strategy. The sustainability policy, which is approved by the Executive Board, applies to all business areas and business activities both domestically and abroad, as well as to our own operations.
The Group mission statement describes the identity of Zürcher Kantonalbank. It serves as a compass that guides our actions and the future development of our company and our subsidiaries.
The Regulations on the Code of Conduct and Ethics (PDF, 137 KB) apply to the group and serve to promote a uniform and effective corporate and compliance culture within the group. They set out the most important rules of conduct to be observed by all employees.
Our Reporting
Our Reporting
Our reports with sustainability and climate focuses show how we live sustainability as an integrated business principle.
Climate
Climate
We are aware of the important role played by the financial sector in efforts to achieve sustainable development and greenhouse gas neutrality by 2050. In our financing and investment businesses, as well as in our own operations, we are guided by the Paris Agreement and the goal of achieving greenhouse gas neutrality by 2050.
Guidelines
The goals of sustainable development and greenhouse gas neutrality have been explicitly anchored in the article of the Zürcher Kantonalbank Act (PDF, 159 KB) on Zürcher Kantonalbank’s purpose as of 1 January 2024.
Financing business
In our financing business, we are guided primarily by the objectives of both the federal government and the Canton of Zurich with a view to the 2030 Agenda and achieving greenhouse gas neutrality by 2050. As part of the Net-Zero Banking Alliance (NZBA), our bank is aiming for net-zero greenhouse gas emissions by 2050 and has undertaken to apply science-based sector-specific climate targets in the financing business that are based on the 1.5°C climate target. These objectives are anchored in the sustainability mandate of the Public Service Mandate 2030 initiative.
Investment and pension business
In our investment business, we are guided by the United Nations’ six Principles for Responsible Investment (UN PRI), and we report on them on a regular basis. With the ZKB sustainability standard, we have created a standard for our active investment solutions and our sustainable portfolio consulting mandates. This standard includes at a minimum the sustainability approaches of climate: CO2e reduction, ESG integration, avoidance of controversies and the pursuit of a stewardship approach. Our Asset Management division has been a member of the Net Zero Asset Managers Initiative since 2021 and is continuously striving to increase the proportion of assets under management that are geared towards net zero by 2050. This objective is anchored in the sustainability mandate of the bank’s Public Service Mandate 2030 initiative.
Own operations
The corporate environmental programme defines the climate targets related to our operations. The aim is to continuously reduce operational greenhouse gas emissions. The operational environmental programme 2023–2030 builds on the operational environmental programme 2018–2022 and aims to reduce our operational emissions to 1,800 CO2e tonnes. The annual residual emissions are completely neutralised with natural and technical negative emission technologies (removal portfolio).
Reporting
The 2024 climate reporting is in accordance with the Ordinance on Climate Disclosures, which is based on the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in the version dated June 2017 and the annex Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures in the version dated October 2021. The ordinance stipulates that climate reporting must be published in the sustainability report. It contains qualitative and quantitative information on climate risks and opportunities, and implements the requirements of the Net-Zero Banking Alliance (NZBA) and the Net Zero Asset Managers Initiative (NZAM).
Extract from the Sustainability Report on climate issues (PDF, 768 KB)
Climate targets
Read more about Zürcher Kantonalbank's CO2 targets in our Sustainability Report (PDF, 1 MB).
Environmental management system
Since 2002, our environmental management system is certified according to the international standards of ISO 14001. The certification demonstrates our consistent implementation of the required standards and the increase in resource efficiency.
SQS environmental management system certificate (PDF, 524 KB)
Member- and Partnerships
Member- and Partnerships
We promote industry initiatives and join membership and partnership programmes to this end.
Zürcher Kantonalbank joined the UNEP Statement by Financial Institutions on the Environment and Sustainable Development in 1995. The initiative supports companies in integrating aspects of sustainability.
In 2021, Zürcher Kantonalbank joined the Principles for Responsible Banking. This voluntary initiative commits participants to a unified framework to integrate sustainability across all business areas.
Zürcher Kantonalbank joined the Principles for Responsible Investment (PRI) in 2009. The goal of the PRI is to ensure that environmental, social and governance issues are considered in investment decision-making processes and to increase transparency for clients.
In December 2022, the Zürcher Kantonalbank joined the Net-Zero Banking Alliance, which is convened by the UN and led by the financial industry. In doing so, the bank aims to achieve net-zero greenhouse gas emissions by 2050. It is committing its business activities to scientific-based targets that are aligned with the 1.5-degree climate goal.
The Net Zero Asset Manager Initiative is an international group of asset managers who are committed to reducing greenhouse gas emissions to zero by 2050 or earlier, consistent with global efforts to limit warming to 1.5 degrees Celsius, and who support investments focused on zero emissions by 2050 or earlier.
Since May 2022, we are officially a TCFD Supporter. The Financial Stability Board created the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information.
By publicly declaring support for the TCFD and its recommendations, we demonstrate that they we taking action to build a more resilient financial system through climate-related disclosure.
As a further step towards greater climate transparency, Zürcher Kantonalbank joined the Partnership for Carbon Accounting Financials (PCAF) in May 2022. Together with 264 other financial institutions, we are helping to develop a transparent standard for the assessment and disclosure of financed and invested emissions. For us, this is an important starting point for identifying climate risks and opportunities.
Zürcher Kantonalbank is a member of the Forum für Nachhaltige Geldanlagen e.V. (FNG) and hosts events for FNG. The goal of FNG is to promote dialogue between the areas of business, science and politics and improve the framework conditions for sustainable investments.
Zürcher Kantonalbank is a member of Swiss Sustainable Finance (SSF) since 2015. Swiss Sustainable Finance strengthens the position of Switzerland in the global marketplace for sustainable finance by informing, educating and catalyzing growth. The organisation counts on a broad members’ base ranging from financial service providers, investors, universities, public sector entities to other interested organisations.
Zürcher Kantonalbank is a member of swisscleantech. The Swiss business association is committed to a climate-friendly economy and a CO2-neutral Switzerland by 2050 at the latest.
ESG Ratings and Benchmarks
ESG Ratings and Benchmarks
We subject our sustainability efforts to external assessment through ESG ratings and participate in various industry-relevant comparisons.
ESG Ratings
2024: AA
2023: Status: Prime, Rating C
Studies
2024: Zürcher Kantonalbank is the best in class bank in terms of the overall results.
ZKB has been taking part in the PACTA climate test, which is carried out every two years by the FOEN, since 2020.
Honors and Awards
In order to optimize our energy efficiency, we are involved in the large consumer group Energie-Modell Zürich. As part of this initiative, a prize is awarded every two years. We won the prize for the first time in 1997 and received it again in 2023.
Our Funds and Fund manager are regularly honored with Fund Awards. Find out more about our awards.