All of our major suppliers and their sub-suppliers are required to meet Nordea’s CSR criteria, set out in the Nordea CSR Supplier Policy and the CSR Supplier Guidelines (based on the UN Global Compact’s ten core principles). We use data from a range of sources – including sustainability ratings, industry and company analyses – to help us incorporate climate change-related issues in our procurement work.
To meet our lower emissions targets, we work with our suppliers on adaptation strategies, and have found some opportunities to develop green businesses.
In the short term, the main focus is on operational practices and improving transparency in our supply practices and priorities. Longer term, more significant changes will result from further exploring the climate change impact of our suppliers and disclosing information on how we manage the risks of negative impacts in our supply chain.