Activity has been high within sustainable finance since the launch of the Principles of Responsible Banking in September 2019 and there is good progress within the development of sustainable product offerings for our customers.
Many sustainability funds have been launched and 400,000 savings advisory sessions containing sustainability products have been conducted with customers during the last year.
“Through new products and solutions, we have brought sustainability closer to the customer and created a better dialogue and customer experience,” says head of Group Sustainable Finance, Anders Langworth.
The enhanced focus on sustainability in our customer dialogues and offerings derives from Nordea’s commitment to being part of a more sustainable financial sector. We made that commitment when we not only signed, but also co-created the principles as the only Nordic bank one year ago. Today, almost 200 banks from 54 countries have committed to the principles.
The extra effort is being appreciated by customers who are more satisfied with our advisory when they are introduced to our sustainable products.
“I am very proud that Nordea is one of the founding banks for the PRB initiative, but I am even more proud to see how we enable and inspire our customers to make sustainable choices,” continues Anders Langworth.
Attractive products for corporates
Also green and sustainability bonds and sustainability-linked lending has become more and more attractive among our corporate customers. As late as in August, the Leveraged Finance-team in Large Corporates & Institutions provided the first-ever sustainability-linked leveraged buy-out loan in the Nordics when financing for Trill Impact’s acquisition of Nordomatic.
Together with 15 other banks and United Nations Environment Programme Finance Initiative (UNEP FI), Nordea has also developed a new tool that is applied to increase understanding of how climate change might impact certain customers from the point of view of credit risk.
Another concrete initiative worth highlighting, is the launch of the sustainability footprint that Nordea did together with Nasdaq back in June. This feature will enable customers to see how their investments can be aligned with their environmental values.
The principles also come with requirements from the UN body. All signatories must work with impact assessments, target setting and report on the progress. UNEP FI has formed a global Banking Board to oversee the implementation of the principles and ensure that the banks deliver on their targets – with Anders Langworth as a board member.
“Now that the principles are implemented, banks across the world must walk the talk. Nordea still has a lot to do for us to be acknowledged as a truly sustainable bank. But with the work being done across the bank, I am confident that we will get there,” concludes Anders Langworth.
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