21-06-2021 15:34

Nordea promoting innovation in energy renovations

Nordea is a pilot bank and an active member of The Nordic Energy Efficient Mortgages (NEEM) Hub, a consortium to promote energy renovations of the Nordic building stock. NEEM will be comprised of experts from the financial sector, behavioural scientists, mortgage specialists and authorities on digital technologies from across the Nordics but also at European level, all guided by Copenhagen Economics.

The project will be a part of the existing Energy Efficient Mortgages Initiative, which Nordea entered as one of the pilot banks in 2018 and which is supported by Horizon 2020. The EU green deal proposes a ‘renovation wave’ of the EU's public and private building stock and requires Nordic governments to commit to ambitious climate targets and massive private investment.

Head of Group Sustainability Anders Langworth points out the real need and urgency for more investments into energy renovations to address the Nordic energy efficiency gap and says:

“The possible remedies to the barriers are well-researched, and there is strong political will among the Nordic countries to implement these solutions. Nordea is in a strong position to share our expertise with the hub, test these solutions and capture feedback from our customers”

Enabling our customers to make sustainable choices such as green housing loans and contributing to society’s goals through climate action, social impact and strong governance are what we strive for.
Head of Group Sustainability Anders Langworth

Anders Langworth says Nordea believes strongly in sustainable banking:

“Enabling our customers to make sustainable choices such as green housing loans and contributing to society’s goals through climate action, social impact and strong governance are what we strive for. We see energy renovations as a key factor in reaching the ambitious climate targets for Europe and the Nordics.”

Nordea is also committed to decreasing its own carbon footprint.

“We will cut carbon emissions from our internal operations by 30% by 2023 compared to 2019. For example, at Nordea Campus Helsinki we have carried out our own energy renovations. We have solar panels on the roof, and in our energy-efficient building under construction we will also utilise geothermal energy,” explains Anders Langworth.

Closing the energy efficiency gap

Over the next decade, estimated investments of up to EUR 50bn are needed in the Nordics to reach the current climate targets. However, many of the necessary investments, though profitable on paper, are not being carried out. This issue, the "energy efficiency gap", is well-publicised and has been described in numerous research papers and articles. The focus of the NEEM Hub is therefore to break down the factors contributing to this gap and promote energy renovations in the Nordics.