Nordea updates guidelines for four key sectors

Nordea recognises that safe, stable and resilient societies depend on several critical and interconnected sectors. Our sector guidelines define how we work with each sector. As part of our regular review process, we have revised our guidelines regarding energy, defence, critical minerals and housing. 

The sectors in scope provide the foundation for security, economic stability, long-term resilience and growth in society. They are deeply interconnected and critical to Europe’s resilience and competitiveness. Disruptions in one sector could affect others. 

By regularly reviewing our position in these and other areas that are critical for long-term societal sustainability and resilience, we can address current challenges, support transparent and robust value chains and contribute to safe, well-functioning societies. 

Energy and defence 

Energy security ensures reliable, affordable access to power and helps enable the green transition. This requires steady decarbonisation progress while maintaining a secure, affordable energy supply.    

We believe that Nordea can, and should, contribute to both an accelerated transition and focus on energy security in the markets where we operate. This includes the role of the Norwegian energy sector in the transition and as one of the largest financial actors in Norway, we continue to support a few carefully selected companies that play an important role in ensuring an affordable and secure energy supply in Europe.  

Our updated guideline for the fossil fuel based industries clarifies our approach and restrictive policy regarding the upstream oil and gas sector. For example, it clarifies that we are not expanding our customer base in the sector. It also blocks new capital for oil and gas companies that are expanding production by restricting investments in the primary issuance of bonds*. In addition, we do not provide or facilitate financing for projects involving oil and gas expansion, unconventional oil and gas exploration and production, ultra-deep drilling or Arctic drilling.  

From a resilience perspective, defence capabilities are similarly critical. Defence capabilities, when used responsibly, help safeguard democracy and maintain stability. Strategic autonomy increasingly depends not only on traditional defence but also on technology-led capabilities. The updated guideline allows us to broaden our investment universe to better reflect the growing importance of the defence industry to the European economy and enable investments in industries related to European and Nordic security and stability in the changing geopolitical environment.  

Mining and real estate 

Beyond energy and defence, we have updated our guidelines for mining and real estate – sectors that are also vital for balanced regional growth and competitiveness.

Access to critical minerals such as lithium and cobalt underpins the green and digital transitions, making secure and responsible value chains increasingly vital. Our updated mining guideline now includes a position on deep-sea mining, adopting a precautionary and science-based approach due to the uncertainty of environmental impacts.  

For real estate, we have expanded the scope to include construction and related activities to reflect European Union and global sustainability expectations. Climate-resilient and energy-efficient buildings are essential for social stability, inclusion and well-functioning communities. The sector has a broad value chain in all our markets. 

At Nordea, we want to be the preferred financial partner enabling the Nordic transition – transitioning and growing together with our customers. By supporting our customers’ transitions, we contribute to the wider Nordic societal transition. 
 

* Investments in bonds traded on the secondary market are allowed.