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At the global level, the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement set the general sustainability agenda as well as the more specific climate agenda. We have a key role to play in reaching society’s goals through redirecting investments and financing towards more sustainable technologies and businesses, and contributing to the creation of a low-carbon, climate-resilient and circular economy.
To achieve this and to be an even more sustainable bank than we are today, we have fully integrated sustainability into our business strategy. Our focus will be on the sustainability topics in which we can have a significant impact – and setting targets and objectives in line with that.
Our significant sustainability topics were identified through a combined materiality and impact analysis and then grouped into four strategic pillars: climate action, social responsibility, governance and culture and financial strength
Nordea’s future business will be a business where we see an increasing greening of our balance sheet and where we are reducing emissions and mitigating climate risk. We want to make a difference together with our customers and support them in making sustainable choices, contributing to a sustainable society. Nordea’s direction is clear, to become a bank with net-zero emissions by 2050 at the latest.
Nordea has set one of the world’s most ambitious overarching targets among banks to reduce emissions. To reach our 2050 objective, we have set a mid-term objective for 2030 to reduce carbon emissions across our lending and investment portfolios by 40-50% and from our internal operations with more than 50% compared to 2019.
The sector targets cover Nordea's lending portfolio and will guide Nordea’s work to support its customers’ journeys to reduce emissions and accelerate the transition of the economy. Our first round of sector targets was launched in December 2022 and covered shipping, residential real estate, oil and gas and thermal peat mining. At the end of 2023, Nordea also set additional targets for power production and agriculture. In February 2024 the sector target for cars and vans was published.
Sector | Sub-sector | Emissions scope | Metric | Benchmark scenario | Base year | Target year | Target |
Shipping | Vessels | 1 | AER, gCO2/dwt-nm | Poseidon principles (IMO 2050) | 2019 | 2030 | -30% |
Residential Real Estate | Households and tenant-owner associations | 1, 2 | kgCO2e/m2 | Utility sector NDC1, CRREM | 2019 | 2030 | -40-50% |
Agriculture | Crops, plantation and hunting, and Animal husbandry | 1, 2 | tCO2e/EURm | National sector targets and SBTi FLAG3 | 2021 | 2030 | -40-50% |
Motor vehicles | Cars and vans | 15 | gCO2e/km
| IEA NZE2
| 2022
| 2030 | -40% |
Power Production | Electricity generation | 1, 2 | gCO2e/kWh | IEA NZE2 SBTi 1.5C
| 2021 | 2030 | -70% |
Oil and Gas | Exploration and Production | 1, 2, 3 | tCO2e4 | IEA NZE2 | 2019 | 2030 | -55% |
Offshore | Drilling rigs and offshore service vessels within Oil and Gas and Shipping | - | EURm | - | 2019 | 2025 | -100% |
Mining | Thermal peat mining | - | EURm | IEA NZE2 | 2022 | 2025 | -100% |
Thermal coal mining | - | EURm | IEA NZE2 | Restrictive policy. Full phase-out achieved 2021. | |||
1 Combined, NDC (Nationally Determined Contributions) plus renovation decarbonisation and building stock turnover decarbonisation (conservative estimates).
2 A normative IEA scenario that shows a pathway for the global energy sector to achieve net-zero CO2 emissions by 2050 and is consistent with limiting the global temperature rise to 1.5 °C without a temperature overshoot (with a 50% probability), in line with reductions assessed by the IPCC in its Special Report on Global Warming of 1.5 °C.
3 National sector targets and Science Based Targets Initiative Forestry, Land and Agriculture (SBTi FLAG) include both GHG-emission reductions and carbon removals
4 Including methane emissions in CO2 equivalents for scopes 1 and 2.
5 Scope 1 covers emissions tank-to-wheel.
Our sustainability efforts are built on four strategic pillars: financial strength, climate and environmental action, social responsibility, and governance and culture.
Under each pillar, we have identified relevant UN Sustainable Development Goals and specific sustainability-related matters that impact us or that we can have a significant impact on – by reducing the negative impact or increasing the positive impact through our financing, investments and internal operations. We have set measurable long-term and medium-term objectives and 2023–2025 targets to support a more sustainable future for each of the strategic pillars. You can also read more in our sustainability notes in our Annual Report.
To become a net-zero emissions bank by 2050 at the latest, we are engaging with and supporting our customers and portfolio companies in reducing their climate impact, while reducing our own.
* Defined as the percentage of exposure to climate vulnerable sectors for which the obligor or group mother has set a time-bound and quantifiable target to cut GHG emissions.
** Target covers all asset managers in liquid asset classes. For asset managers in illiquid asset classes selected criteria apply.
*** As the 2023 targets were reached, the total carbon reduction from internal operations was raised from 30% to 40% and the expectation of suppliers Paris Agreement alignment has been raised to cover 80% from 70% of the spend.
By considering human rights and labour rights throughout our value chain and promoting gender equality, fair employment conditions and education we aim to create social impact where it matters the most.
* ”Gender” refers to biological or legal sex. To be compliant with regulatory restrictions on sensitive data, we do not register gender identity. We, however, welcome and enable self-identification of gender identity.
** Group Leadership Team (GLT), GLT-1 and GLT-2.
*** According to Nordea’s employee engagement survey.
Strong governance and a healthy corporate culture will lead to the successful execution of our strategic sustainability agenda for a greater good.
*Covering all contracted suppliers that are available in the screening system.
Understanding and managing environmental, social and governance risks and opportunities is crucial to maintaining our financial strength and strong capital position.
Active ownership
Being an active owner is a central part of Nordea’s work with sustainability and ESG practices and in the latest “Voting Matters” report from the NGO ShareAction we’re ranked number one in the Nordics and 11 worldwide.
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Sustainable banking
In 2019 Nordea launched an ambitious sustainability strategy with clear mid-term objectives for 2030. Are we on track or what additional measures do we need take to make it happen? We asked Anja Hannerz, Head of Group Sustainability.
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Our people
We strive to make Nordea a great place to work, where people come as they are and are met with opportunities to evolve, develop and move forward in their careers. Our employee survey shows progress in this area with more that recommend Nordea as a place to work.
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