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13-07-2023 14:06

The Nordea Asset Management climate report is out

Nils Bolmstrand, Chair of the Responsible Investments Committee and Head of Nordea Asset Management, gives an introduction to the report.

"2022 proved to be a formidable challenge for the investor community, with a global energy crisis in full swing, central banks battling inflation and companies facing supply chain shocks. At the same time the window for remaining within 1.5° C of global warming continues to narrow, while science tells us that every additional decimal of temperature change may trigger irreversible climate tipping points and the associated catastrophic scenarios."

"Against this backdrop, we continue to be sharply focused on addressing climate risks and opportunities within our portfolios, as well as doing our part to support the transition to a low-carbon economy. In 2021 we were amongst the first cohort of asset managers to make an explicit net zero commitment as part of the Net zero Asset Managers Initiative. 2021 also saw the release of an additional set of supporting interim climate targets for our firm. 2022 in turn was a year of execution."

 
Our mission is unchanged: We will continue to work hard to deliver returns with responsibility

"First, we knew we needed more intelligence on the transition readiness of investee companies. To that end, we built an in-house Paris alignment assessment tool which allows us to assess the Paris alignment status of all issuers within our investment universe. This type of analysis is key to our net zero commitment and is incorporated into our issuer-level climate targets, specifically our interim target to ensure that the 200 biggest contributors to our carbon footprint are Paris-aligned or subject to active engagement to become so. In 2022 we initiated engagements with 149 of these companies on the subject of their Paris-alignment."

"I choose to highlight this target because it exemplifies the important role that active ownership plays in our work. It is our strong belief, and borne out by our experience, that it is through targeted engagement and voting that we can have the biggest influence."

"Our Thematic Sustainable Solutions family added new strategies, as well: The Nordea 1 – Global Climate Engagement Fund, an Article 8 ESG thematic portfolio, brings active ownership to a new level by investing in and engaging with companies that have a continued role in a low-carbon economy, but which can benefit from guidance and nudging to further their green transition. Even before investing, the portfolio managers engage with and evaluate companies, to ensure that only when there is sufficient alignment of goals to allow material real-world impact to happen, will a name find its way into the portfolio."

"The Nordea 1 – Global Sustainable Listed Real Assets Fund, on the other hand, taps into the megatrend of greening core industries like energy, telecoms and transportation, while scrupulously screening out issuers that do not live up to the criteria for a “sustainable investment” under the EU Sustainable Finance Disclosure Regulation."

"Many of the issues that made 2022 a challenging year for the global economy will carry over in 2023, but our mission is unchanged: We will continue to work hard to deliver returns with responsibility, of which our commitment to fostering real-world decarbonisation is an integral part."

 

NAM targets – our way to Net Zero by 2050

1

50% reduction in WACI across listed equity and corporate bonds

2

Fund-specific carbon footprint reduction targets covering 58% of listed equity

3

80% of Top 200 company contributors to financed emissions to be Parisaligned or engaged to become so (100% by 2030)

NAM Progress to date

23%

Reduction in weighted average carbon intensity (WACI)

 

75%

149 companies on our top 200 list engaged on the topic
of Paris alignment

41.8

Carbon footprint tCO2e/M EUR invested (listed equity and corporate bonds)

 

Insights