Nordea expert joins core team to develop new climate accounting standards

The new team is part of the Partnership for Carbon Accounting Financials (PCAF), which Nordea joined three years ago, and climate specialist Stefan Henningsson is participating from Nordea. The core team was announced yesterday as part of Climate Week NYC and the first task is to discuss and select areas in scope for further accounting methodology development.

“As an industry-led initiative, PCAF and the core team are in a central position to support the transition towards net zero emissions in society. Without aligned standards and common methodologies, we will not be able to measure progress, because if we cannot measure emissions, we cannot manage them either. With this summer’s exceptional weather events around the world, the need for a faster pace in the transition has become even more evident, and the team will now take steps to further support the financial sector’s decarbonisation,” Stefan Henningsson says.

At Nordea, we have over several years developed extensive methodologies to track and forecast our financed emissions. In our latest Annual Report, we give a full overview of the targets we’ve set towards reaching net zero emissions by 2050 at the latest and also of how emissions are distributed across our portfolio of lending and investment activities.

“It means that we now track in detail all our business areas and the emissions associated with our financial activities and can therefore, together with our investee companies and corporate customers, improve data quality over time, set even better targets to measure progress and accelerate the transition. In some areas, methodologies for robust carbon accounting still need to be developed, and I’m positive that the core team now established will be able to continue refining and expanding the standards across the sector,” Stefan Henningsson adds.