Sustainable procurement


Nordea has established a Supplier Code of Conduct which is mandatory for all our contracted suppliers. 
It requires our suppliers to adhere to the core principles of the UN Global Compact within the areas of human rights, labour standards, environment and anti-corruption. It is not enough that our suppliers comply with the laws and regulations in the countries where they operate; we expect them to proactively move beyond compliance and convey Nordea’s Supplier Code of Conduct or similar principles towards their sub-suppliers. 


Supplier vision

As the largest bank in the Nordics we recognise that we have an important role to play in driving society towards a sustainable future. We have set ambitious targets in the four strategic areas of financial strength, climate action, social responsibility and governance and culture. 

Working with suppliers that share our mindset and ambitions is crucial for us to be able to deliver on the targets. By partnering up, we aim to be part of a collective movement working towards a just transition of our society to secure a low carbon, climate resilient and circular economy where human rights are preserved and adverse societal impacts from the transition to a low-carbon economy are mitigated. 

We commit to ...

  • Driving the sustainability agenda through our sustainable procurement practices and aligning with relevant* international standards.
  • Including sustainability requirements in all supplier agreements. Additionally, for high impact products and services we will give preference to the option with the strongest overall sustainability performance.
  • Engaging with our suppliers and support their sustainability transition to help mitigate the potential adverse impacts on people and the environment.
  • Being transparent about our sustainability targets and expectations towards our suppliers. 

We will partner with suppliers who ...

  • Align with our net-zero ambition. By 2025, we expect our suppliers** to have made a commitment to be “net-zero at the latest by 2050”, and to have a science-based transition*** plan in place by 2028. We also expect all our suppliers to be able to share relevant GHG emissions data with us at least on an annual basis.
  • Commit to and secure enforcement of international human rights as stated in the Nordea Human Rights Policy Statement.
  • Actively govern sustainability requirements through policies and processes and ensure they are carried forward to their entire supply chain.
* The United Nations’ Global Compact, derived from:
    – The Universal Declaration of Human Rights
    – The International Labour Organization’s Declaration on Fundamental Principles and Rights at Work
    – The United Nations Convention Against Corruption
    – The Rio Declaration on Environment and Development
UN Guiding Principles for Business and Human Rights
OECD Guideline for Responsible Business Conduct
** Suppliers that meet at least two of the following three conditions: >250 employees and/or >40 EURm in turnover and/or 20 EURm in total assets
*** Science Based Target initiative or SME Climate Hub can be used for validating that the plans are science based