“We believe that by engaging with our customers and supporting their transition through financing and advising we can reduce emissions and accelerate the transition to a low-carbon and sustainable economy,” says Peter Sandahl, Head of Climate & Environment at Nordea.
“Agriculture and power production are sectors that play an important part in reaching global climate goals and in enabling other sectors to decarbonise. These two sectors represent around 30% of Nordea’s financed emissions in our lending portfolio, so it's very positive that we have now detailed how to make further progress.”
With the new targets we have covered a majority of our financed emissions in the lending portfolio, but Nordea will continue to assess the need for further sector targets in carbon-intensive sectors. Peter Sandahl explains:
“We will assess the need to set additional targets based on thorough analysis. We’ve set an ambitious portfolio-wide 2030 target to reduce carbon emissions across the lending and investment portfolios, and sectors targets are essential for how we realise our ambitions and track our progress.”